Institute of Petroleum Studies

December 2nd, 2021 About the Bulletin

• About the Bulletin
This bulletin is written by students of the Centre for Oil and Gas
• Blockchain Technology
Technology at IPS.
• Petroleum Updates
The content and views expressed in this document reflect only
the opinion of the authors and not of the School.

BLOCKCHAIN TECHNOLOGY

There are emerging strides being made in network. As such, the utilization of blockchain
industry 4.0. As such, oil and gas industries are technology can improve the activities of the
undergoing a transition, which is quite conspicuous petroleum industries in diverse ways. Some of
considering the attention given to rebranding of the benefits of this emerging technology are
identity. Regardless, oil and gas companies are in underlisted;
a deliberate search for data, transaction encryption 1. Digitization of transactions for improved
measures to mitigate the risk associated with cyber security
theft. As a result, the need to secure oil field data, Considering the fact that data, information and
transactions and documents in a decentralized transactions made on blockchain are highly
system using a technology often referred to as encrypted, there is little or no threats of cyber thefts.
blockchain cannot be overemphasized. 2. Transparency
As a decentralized system, transactions made can
Blockchain is an immutable, be monitored by the public.
decentralized and shared system that 3. Improve efficiency.
facilitates the documentation, recording, With digitization and innovation being encouraged
tracking of transactions and assets in a business in oil and gas operations, we present to you
the blockchain technology an
industry 4.0 emerging technology
Petroleum Updates
that guarantees safety and
Crude oil spot prices rise: security
WTI - $64.01 Brent - $67.30
UK Nat Gas - $4.257 Bonny Light - $71.97

Oil Market Reacts to The Omicron Covid Variant