Seismic Entitlement Platform
Seismic entitlement processes are complex, challenging to keep compliant, and costly to maintain. STRATO addresses these challenges by recording all transactions in an immutable manner with no single point of failure.
This provides greater transparency and traceability for oil & gas companies, service providers, resource holders, and government entities while enhancing the security of asset transactions since no single entity has central access to records of all transactions.
Context & Challenges
Seismic surveys use acoustic waves & vibrations to create images of what lies beneath the earth’s surface. Seismic survey data is used in oil & gas development to determine where deposits are located without having to drill.
Seismic data is used by many different functional companies in the oil & gas industry — service providers, seismic data processors, resource holders, government entities — while being subject to ownership or entitlement. Data generation and transfer of licensing are complex processes that are current characterized by:
- Largely document-based processes
- Lack of transparency, visibility, and traceability of data
- Sub-optimal auditing processes
- Slow & costly to operate and lengthy to comply
- Great variability of usage & needs among participants
An industry-wide decentralized platform for tracking entitlements to different kinds of seismic data provides all stakeholders with:
- Guaranteed transparency without violating confidentiality
- Permanent recordkeeping and traceability of seismic entitlements throughout their lifecycle
- Automation of processes & enforcements via smart contracts with near real-time transactions
- Decentralization of assets with exchange of information in a pre-agreed consensus mechanism validation instead of a third-party
- Immutable audit trail improve business, operational, and regulatory reporting — a trusted source for all stakeholders (including partners, governments, vendors, etc.)
- Cost reduction through the elimination of intermediary transaction fees, exceptions, and reconciliation
- Enhanced security through the public-key encryption, providing a record-level security of data
- No single point of failure in a network that is resilient against attacks on individual nodes
Other features include:
- Once an entitlement expires, the data is no longer accessible, but the record of the entitlement is maintained.
- A document management database to store basic seismic support documents in Word, Excel, and PDF formats
- A spatially related (GIS) map interface that allows for viewing of data that is public or limited to the viewing of data according to owner specifications