Norwegian oil and gas well management company Well Expertise has adopted Data Gumbo's GumboNet smart contract solution.
Data Gumbo is a Houston-based technology company that provides whose GumboNet solution is described as "a massively interconnected industrial smart contract network secured and powered by blockchain."
The company says that with integrated real-time capabilities that automate and execute smart contracts, GumboNet "reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency."
Well Expertise will deploy smart contracts across its well portfolio for frame agreements and well contracts with oil firm Wellesley Petroleum, to improve workflow processes, automate invoicing and payments between the two parties, and aid in real-time operational cost control.
“Well Expertise selected GumboNet because of the network’s ability to monitor operations, consumptions and spend,” said Morten Laget, Business Development Manager, Well Expertise. “We are showing our commitment to stepping into the digital future by leveraging blockchain-backed smart contracts to improve and automate manual processes and unlock carbon footprint data to help achieve our sustainability goals. Smart contracts deliver the trust and transparency necessary to realize true value by streamlining operations, and make more informed strategic decisions with counterparties.”
