Client is one of the largest Oil and Gas Software Provider in Europe. Client would like to build a Proof of Concept for Blockchain based integrated solution for Oil and Gas Industry. The Proof of Concept phase was for Smart Contracts and E-Invoicing between various streams (Upstream, midstream, downstream) and integration with SAP. The Client wanted the Proof of Concept to be scalable with different actors in the process as well as flexible to integrate with different 3rd party softwares and ERPs.
Target group was all the Oil and Gas Actors from Upstream to Downstream using the O&G Software applications.
The solution is based on Ethereum, reactjs and nodejs. Scroll down to read more...
Oil & Natural Gas industry delivers millions of oil barrels each day from the raw source into the refinery and then transporting it to the consumer. Currently the risk of data loss from Producer to Consumer is too high. Secondly, the process is too complicated and tedious due to heavy dependency on each Peer and their authenticated execution of Tasks.
On top of that, the current supply chain raises the question of the quality of the oil provided by the company. Companies produces different quality of oil and it is difficult to assure the Consumer that the quality of product remains the same after passing through each stage within the supply chain. Information could be tampered due to uncontrolled network of Peers
° Communication complexities between upstream, midstream and downstream partners
° Complex transactions involved in Oil and Natural Gas like Purchase Invoices, Shipping etc
° Lot of time is being lost in ensuring all documents are in place and accessible to all parties including Audit compliance documents
° In-transparent and trapped data at all levels of the Supply Chain.
° High costs of Operations for the parties involved due to multiple sources of data
° Risk of fraudulent activities
° Trace and track of transactional data by the parties involved
° Continued paper works
° Cross border transactions requiring intermediary and additional Costs
|State||Government||Manages legal and fiscal infrastructure and regulates the industry , Collects and also distributes (to local area) revenues from oil/gas|
|IOC or NOC in contractual relationship with government to engage in oil/gas exploration|
|National Oil Companies (NOCs)||NOCs engage in exploration and production, independently and through contractor joint venture consortiums. Some NOCs invest in other countries|
|International Oil companies (IOCs)||International companies which invest and deliver globally at all stages of upstream, midstream and downstream processes|
|Supply Chain||Supplier & Service Providers||Providing both goods and services like engineering, procurement and Construction. Also operate oil and production facilities on behalf of the Contractor|
|Transporters||Transport goods from upstream to midstream and from midstream to downstream , Transport goods to the end consumers|
|Customs||Goods Controlling and inspection , Levy custom duties and keep inward stock records|
|Community||International NGOs, watchdogs & development agencies||Organizations engaged in monitoring extractive industry activities, improving their development impact and partnering with extractive industry actors, particularly on social investment and local content|
° Eliminate Broker fees and speed up the process and transparency
° Facilitate Regulatory (ex EMIR, MiFID II)
° Increase process integrity and increase efficiency with a common database
° Reducing risk of fraud or tampering
° Trace transactions end to end
° Extend new peers at any point of time
° Contracts between multiple Stakeholders is made easy and secured through Smart Contracts
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