189

Blockchain in Oil and Gas Industry

TABLE 11.2

Major Pilot Programme Projects of Blockchain in the Oil and Gas Industry

(S&P Global Platts. 2018)

Continent

Country

Company/Project

Details

Asia

Xiamen, China

Sinochem Group

Sinochem Energy Network Technology Co.,

Ltd., a joint venture of Sinochem Group,

delivered a simulated export transaction for a

ship carrying gasoline from China Quanzhou

to Singapore in 2018. The project is the

world’s first blockchain-based oil trading

project with government involvement.

Additionally, it is the world’s first blockchain

project to include all stakeholders’ interests in

the commodity trading process.

Abu Dhabi

ADNOC and IBM

ADNOC comprises 14 companies that trade and

import goods using IBM’s internal networking

Hyperledger blockchain. Previously,

accounting was performed manually; however,

blockchain technology is now assisting the

sector in achieving greater accounting

transparency. Since it is a public ledger,

anyone has access to accounting, and all

changes made by everyone are available to

everyone.

Fujairah

FOIZ, S&P Global

Platts

Fujairah Oil Industry Zone (FOIZ) has the

highest industrial holding space for processed

oil products in the Middle East. S&P Global

Platts has established a fully commercial

blockchain distributed ledger platform

implementation. This provides FOIZ and its

port authorities with security, ease of usage

and a complete audit trail for collating weekly

inventory data on oil product storage.

Europe

London

VAKT

VAKT is developing a distributed ecosystem for

post-trade physical processing. Using

blockchain technology would become a direct

source of reality for the whole trading lifecycle

by using blockchain technology. It would

eradicate reconciliation and paper-based

procedures, increase productivity and open up

new markets for trade finance.

Hamburg

Enerchain

The Enerchain project, led by multinational

utility Enel, aims to establish a blockchain-

based exchange that will allow energy

wholesalers to list and sell anticipated future

energy production.

(Continued)