Data Gumbo, the trusted industrial blockchain network, on Oct. 7 said it has partnered with the Texas Alliance of Energy Producers, the largest statewide association in the country serving independent energy producers. The partnership will deploy GumboNet, Data Gumbo’s massively interconnected blockchain network, to members of the Alliance to power smart contracts across energy production to support cost savings and efficiencies in commercial transactions.
“The Alliance performs critical work in legislative and regulatory advocacy, and in developing programs that protect industry, unite fragmented voices and to enable independent producers to grow, prosper and thrive for its more than 2,600 members,” Andrew Bruce, CEO and founder of Data Gumbo, said. “GumboNet ensures transactional certainty through automated smart contracts that will allow Alliance members to make real-time, informed production decisions based on actual field events driving improved performance and million-dollar savings opportunities.”
As a network of companies, customers, suppliers and vendors, GumboNet integrates specific transactional data with automated smart contracts powered by blockchain technology. By providing a single immutable record of truth, GumboNet synchronizes data across counterparties for complete transparency that frees up working capital, reduces contract leakage, enables real-time cash and financial management, and delivers provenance.
Company, commodity and ticketing systems agnostic, Data Gumbo stores all data directly on its network with full auditable records resulting is an innovative and modern process that creates touchless transactions and crushes waste in the process.
“Data Gumbo has cracked the code to cut costs and realize transactional certainty across commercial relationships,” Jason Modglin, president of the Texas Alliance of Energy Producers, said. “Being able to offer their proven technology to our large network better positions independent energy producers to capture value, save money and mitigate risk through better, more informed decisions. As always, we look to add value to membership in the Alliance, and GumboNet brings a strong product to the table and we are pleased to offer it to oil and gas producers in Texas.”
U.S. energy firms this week added oil and natural gas rigs for a seventh week in a row for the first time since June 2018, and for a third consecutive month, even as oil majors cut spending due to the COVID-19 pandemic's impact on energy demand and prices.
Two Weld County wells in the Wattenberg Field completed by Occidental Petroleum plus results from a Wilcox discovery by Exxon Mobil in the Gulf of Mexico top this week’s drilling activity highlights from around the world.
Just 18 of 62 planned wells were completed.