Technology Supports Financial Clarity and Production Decisions for Texas Independent Oil and Gas Producers
The Texas Alliance of Energy Producers is pleased to announce its new partnership with Data Gumbo, the trusted industrial blockchain network, to provide real-time Lease Operating Expense (LOE) payments and other services to Texas oil and gas operators. The partnership will deploy GumboNet™, Data Gumbo’s massively interconnected blockchain network, to members of the Alliance to power smart contracts across energy production to support cost savings and efficiencies in commercial transactions. The new program comes to the Alliance through its long-standing relationship with OneStar Insurance Services.
“The Alliance performs critical work in legislative and regulatory advocacy, and in developing programs that protect industry, unite fragmented voices and to enable independent producers to grow, prosper and thrive for its more than 2,600 members,” said Andrew Bruce, CEO and Founder, Data Gumbo. “GumboNet ensures transactional certainty through automated smart contracts that will allow Alliance members to make real-time, informed production decisions based on actual field events driving improved performance and million-dollar savings opportunities.”
As a network of companies, customers, suppliers and vendors, GumboNet integrates specific transactional data with automated smart contracts powered by blockchain technology. By providing a single immutable record of truth, GumboNet synchronizes data across counterparties for complete transparency that frees up working capital, reduces contract leakage, enables real-time cash and financial management, and delivers provenance.
Company, commodity and ticketing systems agnostic, Data Gumbo stores all data directly on its network with full auditable records resulting is an innovative and modern process that creates touchless transactions and crushes waste in the process.
“Data Gumbo has cracked the code to cut costs and realize transactional certainty across commercial relationships,” said Jason Modglin, President of the Texas Alliance of Energy Producers. “Being able to offer their proven technology to our large network better positions independent energy producers to capture value, save money and mitigate risk through better, more informed decisions. As always, we look to add value to membership in the Alliance, and GumboNet brings a strong product to the table and we are pleased to offer it to oil and gas producers in Texas.”
Alliance members can click on the Data Gumbo TAEP page to start their real-time LOE journey. A webinar explaining Data Gumbo’s Real-Time LOE program can be found here.
Data Gumbo has also issued a news release announcing the new partnership, and that can be found here.
About Data Gumbo
Data Gumbo provides transactional certainty for tomorrow’s industrial leaders through GumboNet™, a massively interconnected industrial blockchain network. With integrated real-time capabilities that power, automate and execute smart contracts, our network reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Headquartered in Houston, Texas, Data Gumbo has a subsidiary office in Stavanger, Norway. To date, the company has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator. For more information, visit www.datagumbo.com or follow us on LinkedIn, @DataGumbo and Facebook.