HOUSTON, Aug. 1, 2019 /PRNewswire/ -- Ondiflo, a
blockchain platform for the oil and gas industry, today announced
the successful completion of its Proof of Value (PoV) project of
fluid hauling in East Texas in
collaboration with BPX Energy, the U.S. onshore oil and gas unit
for global energy company BP, and a selection of the operator's
suppliers.
Throughout the pilot, during which Ondiflo's blockchain-based
solution was deployed with three water hauling companies (C&J,
Common and Select Energy Services), BPX Energy and its suppliers
were able to identify substantial operational and financial
benefits, including cost reduction by improved efficiency, reduced
procure-to-pay time cycles and improved asset utilization.
Ondiflo's blockchain-based application for fluid hauling
provides an automation platform for the optimization of field
tracking activities, where tank-level data received from sensors,
service orders, field tickets and invoices as well as regulatory
documentation are transacted via smart contracts and key-data
captured in the blockchain.
With 50 metered wells connected to the Ondiflo platform, sending
tank levels every 5 minutes, over 10,500 hauls have been
automatically processed since the start of the project. An average
of over 90% accuracy was achieved in haul detection and matching to
field tickets by week 6. Over 65 truck drivers and 11 dispatchers
used the Ondiflo app and one of the companies used their own
e-ticketing app connected to the Ondiflo APIs for this project.
The PoV project improved dispatch optimization by projecting
service requests out for 48 hours. Savings on the field ticket
approval effort and invoice processing efforts were achieved by
automatically approving hauls if the volume computed by Ondiflo
matched the volume entered on the field ticket.
Jean-Pierre Foehn, CEO of Ondiflo, said, "Our methodology
clearly established the impact of the combined IoT, Mobile and
Blockchain technologies on the current process and the outcome for
the business case. We are confident that when moving to production
with the integration of the various back-office systems involved in
the Procure-to-Pay, the impact of automation will be fully realized
and will lead the industry to quick adoption."
Balaji Ramakrishnan, BPX Energy's
Director of Procurement and Supply Chain, added, "Ondiflo's
technology drastically transforms how an oilfield transaction is
managed from a paper-based process into the digital age, increasing
productivity, reducing costs and creating value."
In conclusion, the Proof of Value has demonstrated that the
convergence of IoTs, Blockchain technology and data science for
legally enforceable automation of the procure-to-pay (P2P) process
in fluid hauling during the production phase of an oil/gas well
presents solid business value.
ABOUT ONDIFLO
Ondiflo provides Blockchain-based applications to the Oil and
Gas industry. Ondiflo is headquartered in Houston, Texas with development offices in
Pune, India. For more information
on Ondiflo, visit www.ondiflo.com
ABOUT BPX ENERGY
BP (NYSE: BP) is a global producer of oil and gas with
operations in nearly 80 countries. BP has a larger economic
footprint in the U.S. than in any other nation, and it has invested
more than $115 billion here since
2005. BP employs about 14,000 people across the U.S. and supports
more than 111,000 additional jobs through all its business
activities. BP's U.S. onshore oil and gas business, known as BPX
Energy, has significant activities producing natural gas, NGLs and
condensate across six states, including production from
unconventional gas, coalbed methane (CBM) and shale gas assets. For
more information on BP in America, visit bp.com/us
For all media inquiries:
Nick
Roquefort-Villeneuve
Head of Marketing,
Ondiflo
Direct:
+1.713.808.5961
Email:
nick.roquefort.villeneuve@ondiflo.com
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SOURCE Ondiflo