HOUSTON, Jan. 21, 2021 /PRNewswire/ -- OFS Portal recently announced it has surpassed 500 legal agreements with 466 Electronic Data Agreements (EDAs) signed by Oilfield Operators and 47 Interoperability Agreements (IOAs) signed by cloud service providers. The number of agreements signed in 2020 exceeded 2019--a sign that digital procurement is accelerating and data stewardship is a growing priority within the Oil & Gas industry.

"OFS Portal was created by its Members to ensure that data integrity and ownership are explicitly addressed in the digital enablement of the Oil & Gas supply chain," said Chris Welsh, OFS Portal CEO. "Our Member companies were very forward-thinking and saw the potential risks that came with doing business electronically so they came together under OFS Portal to put a framework in place that ensures data stewardship is implemented under mutual agreements."

For over 20 years, OFS Portal agreements have been regarded as an industry best practice offering data ownership, protection and governance. The large legal framework is something the company's Board of Managers, a group of globally diverse Oil & Gas suppliers, still supports and adheres to.

"The OFS Portal agreements have become a de facto industry standard for exchanging business data digitally," announced the OFS Portal Board of Managers. "In the coming years as technology continues to evolve and newer industry eBusiness models emerge, our agreements will continue to provide suppliers and operators with the framework to transact electronically in a confidential and reliable manner using open industry standards."

About OFS Portal

OFS Portal is a Member-based group of industry-leading upstream Oil & Gas suppliers and service providers. Our vision is to make cost-effective B2B eCommerce a reality and the common practice for oilfield suppliers, operators and procurement platforms. Our Community consists of a diverse group of multi-national and regional oilfield suppliers, operators and procurement platforms with combined operations all over the globe. Current Members include Baker Hughes Company, Basic Energy Services, Halliburton, Schlumberger, Select Energy Services, Total Safety USA, Weatherford International, and Wellbore Integrity Solutions.Learn more about an OFS Portal Membership today.

Media Contact:

Yvonne Pham, Marketing Manager

Ypham@ofs-portal.com

832-681-7315

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OFS Portal Agreement
The OFS Portal agreements inter-lock to provide an end-to-end digital framework for transacting securely, implementing standards and reducing costs to all trading partners.