Data Gumbo, provider of GumboNet—the massively interconnected industrial smart contract network secured and powered by blockchain—said Jan. 27 that it enables real-time operational expenses (opex) visibility for energy operators and service providers across Europe. By using field operating data to digitally confirm that commercial terms of existing contracts have been satisfied, smart contracts trigger automated payments between commercial counterparties to deliver real-time visibility into contract spend.
“Energy operators and service providers are in need of information that can assist them in making difficult economic choices,” Ove Sandve, Norway country manager at Data Gumbo, said. “GumboNet’s real-time opex capabilities unlock sustained digital visibility into financial health and management that can set up a company to tie field measurements to payments driving transactional certainty, improving cash flow, increasing value, and ultimately, attracting better investors.”
Managing production dynamics including labor, supervision and maintenance; chemicals and supplies; fuel, power and water; equipment rental and usage; among other services, requires considerable time and manpower. The current manual approach results in error-prone and resource-intensive paper invoices that contribute to hefty dispute and resolution processes in addition to administrative hassles.
Smart contracts provide visibility into real-time opex that opens the door for European energy companies to match contractual terms without human interface. Taking a typical multistep process down to three while ensuring transparency, accuracy and trust, GumboNet eradicates the need to rely on field estimates to book accruals and empowers operators and service providers with the financial visibility required to comprehensively digest variable production costs, as often as daily.
Oil prices fell on Dec. 23 after an increase in U.S. drilling activity, but held near recent three-month highs on hopes for a trade deal between the United States and China.
OPEC and other leading oil producers may consider easing oil output restrictions at their meeting in March, Russian Energy Minister Alexander Novak said in an interview aired on Dec. 23.
The train is one of three included in the first phase of the project, which will enable the export of about 12 million tonnes per annum of LNG.