This chat was part of Evolve: The Next Evolution of Oil & Gas, a virtual summit presented by Digital Wildcatters and FreightWaves Wednesday.
TOPIC: Why operators need real-time visibility into LOEs
DETAILS: Lease operating expenses (LOEs), the costs of lifting oil or gas from a producing well, can be improved using high-value, real-time data from the field.
BIOS: Bruce is the founder and CEO of Data Gumbo, a Houston-based technology company that has developed GumboNet, an interconnected industrial smart contract network powered and secured by blockchain. Chaudhary is the executive vice president of Houston-based Atlas Operating, an oil and gas drilling operator with wells in six states.
KEY QUOTE FROM CHAUDHARY:
“If there’s a real-time way to actually see how money is being spent from an operational standpoint — this is how much I’m spending, this is how much something costs, this is how much money we’ve made — if you can actually quantify the data in real time, it would be an absolute game changer.”
KEY QUOTES FROM BRUCE:
“The whole premise behind what we do is that the data exists. It may not exist within the four walls of any one company, but it exists within the supply chain. Companies already have contracts with each other, you just have to be able to go and get access to that data.”
“We typically see when we show up in the field, there’s a meter in the field and nobody’s looked at the damn thing for six months and nobody really cares because they’re paying invoices sight unseen. If you went to a gas station and you pump gas and the meter wasn’t working on a gas pump, you wouldn’t use it, right? You want to know that the meter is accurate because you make your payments off it. One of the good things about blockchain is that it focuses the mind wonderfully that ‘I need to be accurate, I need to make sure the meter is accurate.’”
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