To say times were different when the first Gulf oil well went into service is a bit of an understatement. The year was 1938, and the Superior-Pure State No. 1 well was the first of its kind—if not extremely risky. One mile offshore, the Creole, Louisiana well used very little metal to drill into the sandy depths, nor did it have much to support itself against rough weather at sea. Instead, 300 treated yellow pine pilings were bored 14 feet below into the Gulf floor, while most of the well’s 320 foot by 180 foot deck was also made of wood.
Blockchain Adoption in Oil & Gas
The advent of new technologies has ushered in new opportunities in the form of greater transparency, security and mobility across the Oil & Gas value chain. Blockchain is one such technology which has immense usages across the O&G industry.