Oil & Gas Sector
Some of the largest and most automated Oil & Gas companies struggle with transparency within their eco-system of partners, suppliers and customers.
Breaking Silos
through transparency
Some of the largest and most automated Oil & Gas companies struggle with transparency within their eco-system of partners, suppliers and customers.
While individual organizations and units within large energy conglomerates use conventional ERP systems to automate the functions within their organizations – there lies a huge gap in the way information flows within the entire up-stream and downstream value chain and involved entities.
Our Ready Platform
Our technology and expertise empower information exchange and governance of inter and intra organization workflows coherently and transparently.
Procure to Pay
Avanza’s Procure to Pay platform NexTrade automates all ends of procurement life cycle.
Built specifically for the large Procurement cycles and accompanying challenges within the Oil and Gas sector, NexTrade automates and governs all stages of Procurement and Delivery through Smart Contracts. Powered by blockchain, NexTrade establishes complete trust and transparency between Oil and Gas Entities and their suppliers through all phases of services and goods delivery.
The power of Blockchain produces an efficient sourcing mechanism, utilizing transparent supplier selection process, end to end handling of contracts using smart contract features, purchase requisition to orders done automatically without any manual dependency or interference, and seamless invoice to payment processing.
Material Traceability
A Blockchain powered platform utilized and used by Oil and Gas Companies, their Manufacturers (vendors), and other stakeholders. This platform serves as a solution for managing material traceability lifecycle from the time a material is requested by the Oil & Gas organization and installed at the final location. The end-to-end real time visibility enabled by Blockchain Distributed Ledger Technology (DLT) and the integration of tracking technology enables both Oil & Gas Company and its vendors to achieve consensus on pending material delivery statuses. As a result, all parties will gain significant efficiency, ensuring authentic material are delivered and all material test certificates and material related authentication papers are digitized and cannot be forged or tampered with. Blockchain’s immutability and transparency is used to combat counterfeiting and ensure receiving genuine material and to document inspection certificates.
Custody / Transfer of Hydrocarbon
Oil & Gas conglomerates and entities today struggle to transparently and efficiently streamline Custody/Royalty transfer of hydrocarbons to monitor and automate the Meter-to-Cash business processes in the Hydrocarbon Supply Chain. The Meter-to-Cash business processes includes Metering, Ticketing, Verification, Billing, Invoicing and Collection. Our Blockchain powered platform enables the following:
Oil Custody Chain
One of the critical elements of being a successful hydrocarbon hub is to have transparency and traceability of product ownership throughout the product cycle from end to end. Protecting the integrity of any transaction is a crucial advantage in maintaining and developing a successful oil trading hub.
Utilization of product invoices being financed on multiple occasions can be prevented if all related stakeholders involved in the entire life cycle of an oil or refined product can input their data onto the same digital platform. In doing so, the historically paper-based documentation steps can be replaced. This establishes a complete audit trail for traceability of the transaction or ownership of the product covering the entire life cycle, or as much of it as is required to satisfy the stakeholders of the product.
Our Oil Custody Chain enables all stakeholders involved in hydrocarbon transactions to have access to information relevant to a specific stakeholder to ensure transparency and maintain an audit trail of product ownership. External stakeholders such as financial institutions also get first-hand visibility and transparency of the underlying trade to finance these transactions.