The Future of Oil and Gas Offloading: Leveraging Blockchain for Enhanced Transparency and Efficiency

Paulo Henrique Alves, Isabella Frajhof, Élisson Araújo, Rafael Nasser, Gustavo Robichez, Cristiane Lodi, Carlos Fernandes, Rhenan Borges, Gilson Lopes

2024

Abstract

In the dynamic and complex arena of the oil and gas sector, the management of offloading activities presents considerable challenges, particularly regarding data transparency, distribution, security, and financial transactions involving multiple parties, e.g., companies in a joint venture. The nature of multiple-party environments requires a high level of systematization, transparency, and activity orchestration to manage these challenges effectively. To address these challenges, this paper explores an innovative solution employing blockchain technology, creating efficient mechanisms to enhance transparency and the security of recorded transaction. The solution specifically focuses on the processes of oil production recording, lifting schedule management, and the intricate handling of loans and refunds. We underscore the criticality of managing loans and refunds to facilitate the lifting process, ensuring equitable oil volume distribution among consortium members. Thus, this work presents a comprehensive blockchain-based system that provides the accuracy and integrity of data, enhancing transparency and trust among consortium participants. This system seamlessly integrates all stages of offloading operations, from planning to execution, thereby revolutionizing crucial data management practices in the oil and gas sector by applying blockchain technology. Our findings suggest that implementing such technology in this context fosters a collaborative, trustworthy, secure, and efficient operational environment.

Paper Citation

in Harvard Style

Henrique Alves P., Frajhof I., Araújo É., Nasser R., Robichez G., Lodi C., Fernandes C., Borges R. and Lopes G. (2024). The Future of Oil and Gas Offloading: Leveraging Blockchain for Enhanced Transparency and Efficiency. In Proceedings of the 26th International Conference on Enterprise Information Systems - Volume 1: ICEIS; ISBN 978-989-758-692-7, SciTePress, pages 366-373. DOI: 10.5220/0012721400003690

in Bibtex Style

@conference{iceis24,
author={Paulo Henrique Alves and Isabella Frajhof and Élisson Araújo and Rafael Nasser and Gustavo Robichez and Cristiane Lodi and Carlos Fernandes and Rhenan Borges and Gilson Lopes},
title={The Future of Oil and Gas Offloading: Leveraging Blockchain for Enhanced Transparency and Efficiency},
booktitle={Proceedings of the 26th International Conference on Enterprise Information Systems - Volume 1: ICEIS},
year={2024},
pages={366-373},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012721400003690},
isbn={978-989-758-692-7},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 26th International Conference on Enterprise Information Systems - Volume 1: ICEIS
TI - The Future of Oil and Gas Offloading: Leveraging Blockchain for Enhanced Transparency and Efficiency
SN - 978-989-758-692-7
AU - Henrique Alves P.
AU - Frajhof I.
AU - Araújo É.
AU - Nasser R.
AU - Robichez G.
AU - Lodi C.
AU - Fernandes C.
AU - Borges R.
AU - Lopes G.
PY - 2024
SP - 366
EP - 373
DO - 10.5220/0012721400003690
PB - SciTePress