Kuwait Petroleum to develop Blockchain platform for oil & Gas

In a recent article in Al Anbaa MENAFN , they state that reliable sources from Kuwait Petroleum Company have confirmed that KPC is preparing to utilize blockchain technology in the company to achieve efficiency, enhance productivity, security, as well as be used in the areas of exploration, refinary, and the sale of crude oil and its derivatives.

The KPC source stated that a Blockchain pilot will be carried out by a technical consultant to develop a blockchain platform that will quantify the oil an gas produced as well as exchanged by companies daily. The source added, " KPC will be considered one of the first oil companies in Kuwait to utilize blockchain in the area of oil and gas production, this will reflect success in utilizing innovative partnerships that will enahnce operational systems.

KPC will propose this project to Kuwait Integrated Petroleim Industries Company (KIPIC). Four companies have been approved to send in RFP (Request for proposal). The companies include Accenture MENA, Deloitte, Price Waterhouse Coopers and WIPRO.

The source told MENAFN that Blockchain can be considered one of the main tools for decreasing operational costs, and the numbr of employees needed in teh sectors as well as enahnce the marketing and trade of oil and gas. This is in line with Kuwait's 2040 Smart Strategy Initiative. KPC aims to use blockchain technology to decrease operational time, enhance the operational quality across the entire value chain, as well as increase transparency of data across the supplychain.

Blockchain platform will allow stakeholders to easily follow the quantities and associated monetary values of all the transactions occuring between companies within the oil and gas industry. In addition Blockchain platform will be able to transparently follow the amount of crude oil being produced from the production well to refinary, and export ports, along with the associated monetary value of each amount.

ADNOC in AbuDhabi was also one of the first oil companies to start to use Blockchain. While Aramco has been making investment in Blockchain companies that have solutions for oil and gas industry.