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LEAP and PIDX standards to drive digitization

Tuesday, October 2, 2018

The Petroleum Industry Data Exchange, Inc. (PIDX) and Leadership for Energy Automated Processing (LEAP) jointly announced that their organizations are working together to further digitize and automate the European barge oil trading market centered around Amsterdam/Rotterdam/Antwerp (ARA).

The organizations are building upon a functional standard agreed via a LEAP committee formed in February 2018 and extending the existing PIDX standard LoadingDeliveryReceipt Version 5.02 to accommodate certain new requirements needed for ARA buyers, sellers, and terminal operators.

LEAP and its members, together with other contributing companies within this sector, believe that creating a standard electronic movement document standard will allow market participants to automate post-trade processes like inventory actualization, settlement, and demurrage calculations. They share a vision of a future ecosystem in which buyers, sellers, terminal operators, and other third party service providers will collaborate with each other for barge movements in a similar manner as is widely in place for truck movement.

'LEAP is continuing to find ways to standardize commonly used documents within the oil trading lifecycle to allow our members and other market participants to get out from under their piles of paper and digitize their processes,' said Owen O'Connell, Chairman of LEAP. 'We are excited to collaborate with PIDX to implement common business processes and also reduce costs to develop standards by extending PIDX's current document standards.'

Chris Welsh, Chairman of PIDX Board stated, 'It is important for PIDX to be flexible in standards development and a key part of this is the collaboration with other standards organizations to rapidly develop and deploy new digital standards. With the current end-to-end digital transformation agenda within Oil & Gas, standards development is a high priority. This collaboration with LEAP is the first of many opportunities for each of the standards bodies to leverage the strengths of each organization and deliver a work product for the industry, thereby reducing costs and speeding up delivery. We see this as a natural progression for standards bodies to help develop the interoperability required by our industry.'
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