Blockchain in oil and gas

Initiatives from BP, Chartwell, Lloyds, Ondiflow, ConsenSys, Petroteq, WellSite.

In its 2018 Technology Outlook, BP states that ‘sensors and blockchain technology’ could play a key role in preventing losses of energy during production, by, for example, tracking methane leaks. BP also believes ‘digital technology is the most significant source of system-wide efficiency improvement, although its full power is unknowable.’

A report from Chartwell’s Noah Solomon positions cryptocurrencies as ‘a new challenge for utilities.’ The energy involved in cryptocurrency mining is ‘between 18.4 and 57 TWh’ worldwide*. New York’s authorities recently hiked electricity rates for cryptocurrency miners with excessive usage.

Divestco has teamed with Bird River Resources on a ‘low-cost cryptocurrency mining center in Calgary, leveraging the companies’ joint cogeneration agreement for the production of low-cost electricity from natural gas.

Lloyd’s Register Foundation has teamed with Bloc, ‘Blockchain labs for open collaboration,’ to establish a Maritime blockchain lab to assure the safety of critical infrastructure and drive new business models for the global maritime industry.’ LR also announced a new report from the Alan Turing institute that investigates blockchain’s potential to ‘improve safety.’

Ondiflo, a joint venture between Amalto, Logistics and Field Data Management and blockchain boutique ConsenSys, is to form a consortium to develop its blockchain-based field ticketing solution. The Consortium will leverage ConsenSys’ TMS and Amalto’s Platform 6 to provide an end-to-end solution built on an Ethereum blockchain infrastructure. Rollout is set for December 2019.

Canadian Petroteq Energy, with a degree of puffery, describes its oil sands venture as ‘America’s secret weapon in the oil war.’ The company has also announced Petrobloq, the ‘first blockchain-based platform developed exclusively for the supply chain needs of the Oil & Gas sector.’ Petroteq is to ‘harness the hotter-than-hot Blockchain sector to transform energy market deals and data.’ To promote Petrobloc and its oil sands development, Petroteq paid $70,000 to which dutifully enthused about the company.

Wellsite has announced Wellsite Crudecoin, a blockchain marketplace for oilfield services that is set to ‘dramatically improve traditional business processes in upstream oil and gas.’ A public sale of Crudecoin starts in June1906.

* per year presumably.

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