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Abu Dhabi National Oil Company (ADNOC)
has developed a blockchain-based application which tracks and validates all oil
and gas transactions across the company.

The pilot project has been conducted in collaboration with
IBM, and creates a blockchain-based system to track, validate and execute all transactions
at every stage, from production well to the end customer.

ADNOC says that using Blockchain technology will reduce the
time it takes to execute transactions between operating companies and
significantly increase operational efficiencies across its full value chain. It
will also improve the reliability of production data by enabling greater
transparency in transactions.

The industry-leading project was announced by Abdul Nasser
Al Mughairbi, ADNOC Digital Unit Manager, at the recent World Energy Capital
Assembly, in London. At the event, ADNOC shared its ambitions and early successes
in embedding Blockchain and other advanced technologies, including Artificial
Intelligence, across its business to enhance operational efficiency, drive
profitability and unlock new value from oil and gas resources to seize the
opportunities created by Oil and Gas 4.0.

Al Mughairbi said: “We believe this could be the first application
of Blockchain in oil and gas production accounting anywhere in the world. It
demonstrates how ADNOC is leveraging innovative partnerships to unleash the power
of technology and creative thinking to enhance efficiencies and deliver greater
performance.

“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.”

ADNOC’s Blockchain pilot has provided a single platform that
tracks the quantities and financial values of each bilateral transaction
between ADNOC’s operating companies, automating the accounting process. For
example, as crude oil makes its way from the production well to the refinery,
or the export terminal, all quantities are accounted for on a daily basis along
with the associated monetary values. Other products included in the Blockchain
application are gas, condensates, Natural Gas Liquids (NGLs) and Sulphur. These
products are exchanged between ADNOC’ operating companies and exported to
customers overseas.

Zahid Habib, IBM’s Chemicals and Petroleum Solutions VP, said:
“With this pilot, ADNOC takes a massive leap forward in asset provenance
and asset financials, which, in its simplest terms, enables the ability to
track irrefutably, every molecule of oil, and its value, from well to customer.
This unlocks the potential to digitally reinvent ADNOC’s hydrocarbon value
chain, adds a unique dimension to their data visualization in their Panorama
Digital Command Center, and accelerates ADNOC towards their 2030 Vision.”

As the Blockchain application is expanded, it will
eventually be linked to customers and investors, providing seamless integration
among stakeholders. This enhanced clarity and transparency will reduce inherent
business risks and consequently enhance the attractiveness of ADNOC Group as an
investment partner.



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