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UAE's ADNOC, IBM To Use Blockchain For Oil And Gas Production Value Chain

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The Abu Dhabi National Oil Co. or ADNOC joined with IBM to pilot a blockchain-based system to integrate oil and gas production operations. The platform would track, validate and execute transactions at every stage, from the production well to the end customer.

ADNOC expects the blockchain technology to reduce transaction time between its operating companies. It would also significantly increase operational efficiencies and improve production data reliability.

Abdul Nasser Al Mughairbi, ADNOC Digital Unit manager, announced the project at the World Energy Capital Assembly in London.

ADNOC expects these advanced technologies would enhance operational efficiency, drive profitability and unlock new value from oil and gas resources.

ADNOC's move is perhaps the first application of Blockchain in oil and gas production accounting anywhere in the world.

Al Mughairbi said, "Blockchain is a game-changer. It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes, 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."

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