Data Gumbo announced Jan. 25 a partnership with Equinor for drilling and well service transactions.
The partnership will utilize 150 different billing triggers, 17 unique payment methods and data from Equinor's operations, according to a Data Gumbo press release.
“Equinor is an industry trailblazer, demonstrating the true value of our international smart contract network to improve and automate manual processes, and bring trust to all parties,” said Data Gumbo Founder and CEO Andrew Bruce in the release. “Smart contracts are playing a critical role in driving the energy industry forward. Our work with Equinor clearly demonstrates the benefits that supermajors and their supply chain customers, partners and vendors experience by automating commercial transactions."
The agreement provides the basis for company-wide application within Equinor for all relevant contract categories, the release stated.
“Since piloting Data Gumbo’s smart contracts for offshore drilling services in 2019, we have worked with the company to continually refine and improve use cases," said Senior Vice President for Drilling and Well for Equinor Erik Kirkemo in the release. "We now have the potential to expand Data Gumbo’s smart contract network to enable transactional certainty across our portfolio from the Norwegian Continental Shelf to our Brazilian operated assets and beyond."
Data Gumbo’s private, permissioned smart contract network, GumboNet, reduces inefficiencies and processing time around contract execution in complex supply chains, which is a problem in the broader industry, Kirkemo added.
Through the use of Data Gumbo's technology, Equinor will see numerous benefits, according to the release, including removing 95% of payment delays, invoicing errors, disputes and complicated reconciliations, which can significantly reduce the costs and resources required to administer contracts and supply improvements in joint interest billing.
"We are proud to continue our work with Equinor to help them realize the savings, efficiencies and new levels of transparency available through our smart contract network,” Bruce said.