BLOX Labs and Sonoro Energy Commence Development of Procurement, Tendering and Contracts Module for Petroblox - Smart Contracts Ledger for the Oil and Gas Industry

Source Press Release
Company Sonoro Energy Ltd. 
Tags Strategy - Corporate
Date July 16, 2018

Sonoro Energy Ltd. ("SNV") (TSX-V: SNV) (Frankfurt: FDZN) (OTC: SNVFF), is pleased to announce that in partnership with Blox Labs Inc. (“BLOX”) (CSE: BLOX) (Frankfurt:BR1B), Phase 1 development continues to progress on “PetroBLOX”, a Blockchain-based smart contract supply chain management platform for the global oil and gas industry.

After analyzing various pain-points and bottlenecks facing oil and gas operators, it has been determined that specific focus within Phase 1 development of PetroBLOX will be centered around the creation of a Blockchain module pertaining to the "Procurement, Tendering and Contracts" aspect of the oil and gasecosystem. This process is a vitally important aspect of the oil and gas supply chain. International oil and gas contracts, whether production sharing, on a technical services basis or other, typically requires transparent, competitive tendering process for the procurement of materials, equipment and services. Without such processes international oil companies are unable to recover their costs, face penalties or increase their costs. This system would be transparent and auditable by the issuing organization and their partners. It would also streamline the procurement process for all parties involved, allowing collaboration and efficiency. The prudent use of Blockchain and Decentralized Applications offers a potential solution to the challenges that are faced with governments and partners in the procurement of such services, materials and equipment, Requests for Quotation, service bids, and other ancillary products and inputs that are used in day-to-day operations. Many of the status quo processes that are utilized within the industry are archaic and could benefit greatly from the emerging trends in Blockchain technology."

Sonoro Energy is providing invaluable input and insight into the real world issues that plague oil companies as they operate in complex and dynamic domains", stated Jeff Zanini, President and CEO of BLOX. He continued, "This knowledge will greatly assist in the software build-out of PetroBLOX as we aim to enhance transparency and ultimately benefit the supply chain flow in order to increase efficiencies in an industry which is largely still reliant on manual processes. The development of a Procurement module will be a key piece to this overall puzzle."

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd