Data Gumbo hosted an informative webinar entitled, Production Chemicals — Gone with the Wind, and frankly my darlings, you can’t afford to not give a damn about what’s really being left on the table.
Kicking off our presentation, Data Gumbo’s own Alistair Charlton, Industry Principal in Upstream Oil and Gas, dove into the limitations and issues prevalent in the current model of managing production chemicals including evaporation, degradations, missed treatments, inaccuracies with tracking and verifying deliveries, as well as incorrect billing practices.
Looking to empower both service providers and operators, we explore how smart contracting can help companies tackle errors, improve performance, manage costs and reduce lease operating expenses (LOE). Using blockchain to produce an immutable, auditable record of real-world physical events and services between counterparties that is visible to authorized parties, smart contracts translate natural language contracts into code, then capture information from agreed upon connected data sources including standard SCADA systems or if necessary, Measurement-as-a-Service (MaaS) vendors that can fit tank, injection and pump sensors to meet automation needs, then apply the appropriate price books to generate pre-reconciled invoices.
This approach speeds payments, eliminates manual reconciliation and disputes entirely and guarantees transactional certainty. Smart contracting for production chemicals aggregates real-time consumption data for better insight into production, supporting comprehensive visibility into LOE.
Catch the full presentation in our streaming webinar on-demand and learn more with a product demonstration that showcases how GumboNet delivers massive benefits to easily track and verify production chemicals.