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This pilot project is an automated system to integrate oil and gas production across the value chain of the company. According to the press release by the state-owned oil company, the blockchain solution “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.”
At the recent World Energy Capital Assembly, in London, ADNOC shared more of its ambitions and early successes in embedding Blockchain and other advanced technologies like Artificial Intelligence across its business. It says introducing these technologies have unlocked new opportunities and greatly enhanced operational efficiency and driven profitability.
This pilot has been hailed as an industry-leading project as it provides a secure platform for the tracking, validating and execution of transactions at every stage, from the production well to the end customer.
“We believe this could be the first application of blockchain in oil and gas production accounting anywhere in the world,” Abdul Nasser Al Mughairbi, ADNOC Digital Unit Manager, said.
How Does This IBM Blockchain Solution Work?
The blockchain is a shared ledger that can record transactions among a network efficiently and where participants can verify the validity of the data on the network. Now, this particular solution provides a single platform. Moreover, it tracks the quantities and financial values of each bilateral transaction. Majority of the transactions between ADNOC’s operating companies.
However, it’s a private blockchain which means it’s limited to ADNOC. It’s unlike the Bitcoin blockchain or the Ethereum blockchain. Moreover, where everyone in the world has access to view the transactions on the network.
ADNOC is a leading energy and petrochemical group with a daily output of around 3 million barrels of oil and 10.5 cubic feet of natural gas. They focus its efforts on tapping energy resources for global economic growth in a 4th Industrial Age.
IBM Partnership with ADNOC
Moreover, the technology company built this tailored solution for ADNOC to crack new value in the oil and gas industry. As Zahid Habib is the IBM’s chemicals and petroleum solutions Vice President. He says this pilot will track irrefutably, every molecule of oil, and its value, from well to customer. It also sets ADNOC on the path to achieve its “2030 smart growth strategy.”
IBM has been working on several projects finding new ways to create value. Moreover, they are also focusing to improve the exploration of new oil and gas resources. Earlier this year, IBM Services and SAP plans to develop an innovative digital solution. This was to improve the adoption of blockchain capabilities for joint venture accounting in the oil and gas industry. It was to strengthen accounting reconciliation and settlement times between operators and non-operators.
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