Blockchain is breaking new barriers, it seems. Saudi Arabia is now testing a blockchain pilot project for the testing of oil quality. The idea is to “track” the oil and gas industry. The announcement comes from Aramco’s CTO, Mr. Ahmad Khowaiter.
According to Sputnik News, Khowaiter expressed his positive outlook on the project:
There are a lot of challenges in identifying sources of production and also for tracking quality, in which we think there is an opportunity to utilize blockchain. We are interested in it, we are testing it in some applications.
The goal of Saudi Arabia is to allow technology to help the country with producing oil with emissions close to 0. The current carbon dioxide emissions in the country from crude oil production is surprisingly one of the lowest in the country. The average expected reduction will be with 15%.
The Chief Technology Officer of Aramco also commented on the upcoming investments in emission reduction and oil field management:
You have to spend a little more money, but it returns in much lower emissions. And power generation of higher efficiency — a lot of power is used in the fields to emit CO2 — so how can you reduce that? And a very important issue is the reduction of leakage of methane.