Adnoc pilots blockchain in oil, gas production

ABU DHABI / WAM

The Abu Dhabi National Oil Company (Adnoc) announced its successful collaboration with IBM, piloting a blockchain-based automated system to integrate oil and gas production across the full value chain. The groundbreaking system provides a secure platform for the tracking, validating and execution of transactions at every stage, from production well to the end customer.
According to Adnoc, using blockchain technology will reduce the time it takes to execute transactions between Adnoc’s operating companies and significantly increase operational efficiencies across its full value chain. It will also improve the reliability of production data by enabling greater transparency in transactions.
The industry-leading project was announced by Abdul Nasser Al Mughairbi, Adnoc Digital Unit Manager, at the World Energy Capital Assembly, in London. At the event, Adnoc shared its ambitions and early successes in embedding blockchain and other advanced technologies across its business to enhance operational efficiency, drive profitability and unlock new value from oil and gas resources to seize opportunities created by Oil and Gas 4.0.
Al Mughairbi said, “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.
“Blockchain is a game-changer. It will substantially reduce our operating costs by eliminating time-consuming and labour-intensive pro- cesses, strengthen the marketing and trading of our products, and create long-term sustainable value that will ensure that Adnoc delivers on its 2030 smart growth strategy.”