PIDX acquires intellectual property from API

Petroleum Industry Data Exchange Inc. (PIDX International) has closed on its acquisition of the PIDX trademarks and standards publications from the American Petroleum Institute.

Apr 29th, 2014

Offshore staff

HOUSTONPetroleum Industry Data Exchange Inc. (PIDX International) has closed on its acquisition of the PIDX trademarks and standards publications from the American Petroleum Institute (API). PIDX International said this gives it the ability to leverage industry efforts to develop worldwide standards for the global oil and gas business.

Fadi Kanafani, president and CEO of PIDX International, said, "This transfer of intellectual property is a key milestone in our mission to provide for effective electronic collaboration between the oil companies and their suppliers by which the stakeholders in the industry can build and adopt standards for electronic business in oil and gas."

PIDX previously received an exclusive license from API in 2011. As a prerequisite to closing the final conveyance from API to PIDX International, PIDX International was required to complete a periodic maintenance cycle with respect to all PIDX standards and to publish its determination for public review in 2013.

API has reviewed that maintenance cycle and determined that PIDX International is eligible to become the sole owner of the PIDX name and standards publications. PIDX International now has a clear path forward to the governance and ownership of PIDX standards publications.

04/29/2014

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