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The Abu Dhabi National Oil Company (ADNOC) has collaboration with IBM to pilot a blockchain-based application that integrates oil and gas production across the full value chain.
The system will provides a secure platform for tracking, validating and executing transactions at every stage.
Its blockchain technology will reduce transaction time between ADNOC’s operating companies, increase operational efficiencies and improve production data reliability, the company said.
The project was announced by Abdul Nasser Al Mughairbi, ADNOC Digital Unit manager, at the World Energy Capital Assembly, in London, where the firm revealed that technologies such as blockchain and AI had helped it drive profitability and unlock new value from oil and gas resources.
“We believe this could be the first application of blockchain in oil and gas production accounting anywhere in the world. It demonstrates how ADNOC is leveraging innovative partnerships to unleash the power of technology and creative thinking to enhance efficiencies and deliver greater performance,” Al Mughairbi said.
Calling blockchain a ‘game-changer,’ he said it will substantially reduce ADNOC’s operating costs by eliminating time-consuming and labor-intensive processes, while ensuring the firm delivers on its 2030 smart growth strategy.
First Application of Blockchain-Based Oil and Gas Accounting
The project was announced at the recent World Energy Capital Assembly held in London, UK. Calling blockchain technology a “game-changer,” ADNOC’s digital unit manager Abdul Nasser Al Mughairbi says blockchain could:
“Substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes, strengthen the marketing and trading of our products, and create long-term sustainable value.”
Al Mughairbi believes the blockchain pilot is:
“The first application of Blockchain in oil and gas production accounting anywhere in the world. It demonstrates how ADNOC is leveraging innovative partnerships to unleash the power of technology and creative thinking to enhance efficiencies and deliver greater performance.”
BP and Shell’s blockchain-based oil trading platform, Vakt, went live in late November 2018. The consortium also includes Gunvor Group, Equinor, Koch Supply and Trading, and Mercuria Energy Group as well as banking partners Societe Generale, ING, and ABN Amro.
The Abu Dhabi Global Market also completed a test of a blockchain-based system earlier this week. The international financial free zone in the capital of the United Arab Emirates (UAE) has reportedly successfully concluded a pilot for the Know Your Customer (KYC) project.
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