Oil and Gas Operators Continue to Address Data Security Vulnerabilities With OFS Portal Agreements

HOUSTON, Nov. 27, 2018 (GLOBE NEWSWIRE) -- OFS Portal announced today that its number of signed Electronic Data Agreements (EDA) and Interoperability Agreements (IOA) now exceed 400. The growth in the OFS Portal community can be attributed to the growing number of digital deployments by Operators.

eCommerce in the Oil and Gas Industry has increased by 50% since 2014.

“Digitalization is the driving force behind the growth in number of Operators signing the EDAs,” said Chris Welsh, OFS Portal CEO. “As more oil and gas Operators and Suppliers implement their digital strategies, there is more focus on data security, ownership and governance.”

The industry’s drive for a more digital end-to-end process is high on the agenda for all Operators. As the industry moves to a more digital environment, vulnerabilities around data security and ownership surface. The OFS Portal agreements provide the legal coverage Operators and Suppliers need to avoid these data security and ownership vulnerabilities.

Per OFS Portal Members’ requests, Operators who sign the EDA (including major IOCs and NOCs) benefit from the preservation of data ownership, confidentiality and reliability of transactions between themselves and OFS Portal Members.

OFS Portal currently has agreements in place with 362 Operators and 40 Networks, and anticipates more to come between now and the end of the year.

About OFS Portal
Headquartered in Houston, Texas, OFS Portal LLC is a member-based group focused on making cost-effective implementations of B2B eCommerce a reality and the common practice for both suppliers and operators.

Formed in 2000 by a group of globally diverse oil and gas suppliers and service providers, OFS Portal Members today include: Baker Hughes a GE Company, Halliburton, Schlumberger, Select Energy Services, Total Safety, and Weatherford International.

Membership to OFS Portal is open to any supplier operating in the oil and gas industry. For more information about an OFS Portal Membership or to learn more about OFS Portal Agreements, please visit www.ofs-portal.com or contact info@ofs-portal.com.

Media Contact
Yvonne Pham
Marketing Manager
832.681.7315
ypham@ofs-portal.com

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/181d3021-e341-4e11-a5fc-efe41cb211a4