Hunter Technology Moves Into Big Data With OilExchange
Hunter Technology Corp. is pleased to report that it is on track to launch a pilot service for selected customers, including governments, sovereign wealth funds, environmental agencies, regulators and self-regulatory organizations, in Q3 2021.
The Company is developing its end-to-end service utilizing a proprietary blockchain-based modular software platform to supply Users with immutable data intelligence on the full lifecycle of the crude oil supply chain from reserve management through wellhead production, storage, transhipment, export and/or domestic consumption. Standardized, unchallengeable records will be held in a fully customisable reporting cloud using blockchain technology, supporting Users to report, monitor, trace and track the full hydrocarbon lifecycle from production source to ultimate destination.
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The Supply Chain Intelligence service will be provided under the brand “OilExchange”. It is being designed to furnish its users with a full suite of data via exchange including analytics tools to structure and analyse raw data. Users will be able to monitor and analyse key performance indicators (KPI) and metrics through user-friendly visual dashboards.
By tracking the origin, transhipment and processing of the produced goods and the environmental, social and governance (ESG) compliance during the life cycle of hydrocarbons, as well as government royalty or tax payments and customs clearance, Users will have a real-time view of their hydrocarbon supply chain. In addition, the data sharing between Users through a secure and trusted platform will allow all stakeholders to enhance their information management practices. This in turn will allow for a greater utilization of existing reserves and reduce the need to expand drilling footprints, ultimately having a positive effect though a reduced carbon footprint as producers transition towards a more environmentally and ethically responsible ecosystem.
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By allowing Users to derive insights about the economic and environmental viability and responsibility of Exploration & Production (E&P) companies, OilExchange can incentivise operators to consider developing and reworking economically viable legacy brownfields (as an alternative to greenfield production), capitalizing on the shifting investor appetite towards more socially and environmentally considerate operations. Upon completion of the Pilot service, the Company intends to enter into formal agreements with Users.
“Hunter with its technology platform and Integration capabilities will support the hydrocarbons industry in its drive to digitalize its operations, increase trust and transparency between its stakeholders, and meet its regulatory requirements,” said Alex Medana, Hunter’s Chief Executive Officer.