A consortium of oil companies including Exxon Mobil, Chevron and Royal Dutch Shell looks to blockchain to manage water used in oil extraction in North Dakota’s Bakken oil fields.
Oil and water
As Reuters reported on Sept. 10, the Offshore Operators Committee (OOC) Oil & Gas Blockchain Consortium has awarded a contract to blockchain startup Data Gumbo to pilot water handling technology in North Dakota’s oil fields.
Per the report, Data Gumbo will use blockchain to automate payments and deploy their GumboNet platform to manage and synchronize wastewater data.
One member of the consortium, Norway’s state-owned Equinor, expects to save up to 25% on costs related to disposal of saltwater.
The EPA estimates that over 2 billion gallons of fluid biproducts of petroleum product are injected in the United States every day, through an estimated 180,000 active wells.
Data Gumbo focuses on using blockchain within the oil and gas industry, particularly to streamline payments and supply chain.
In July, CEO Andrew Bruce told Bloomberg that streamlining these processes could save the industry 30% of expenses. The more recent Reuters report paraphrases Bruce as saying that the…
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Author: Kollen Post