ExxonMobil, Chevron, Repsol Create a Blockchain Consortium for the Oil and Gas Industry

A group of well-known multinational companies from the oil and gas industry partnered to create a blockchain consortium in the United States. This was reported on February 26 through a press release.

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A group of well-known multinational companies from the oil and gas industry partnered to create a blockchain consortium in the United States. This was reported on February 26 through a press release.

According to the information shared, the consortium called OOC Oil & Gas Blockchain Consortium “intends to carry out concept tests with this emerging technology in 2019”, in addition to contributing to the global adoption of blockchain technology.

In the statement, the consortium resides in the Offshore Operators Committee (OOC), which is made up of the following founding companies: ExxonMobil, Repsol, Chevron, ConocoPhillips, Equinor, Hess and Pioneer Natural Resources. Additionally, on the consortium’s website, they point to Noble Energy and Marathon Oil Corporation as other members.

“According to the Oil & Gas Blockchain Consortium website, Marathon Oil Corporation and Noble Energy are also members of the consortium.”

The source also affirms that this is the first blockchain consortium for the industry in the United States, and that it will have a board of directors that will be in charge of supervising the financing, as well as “ensuring that the operating procedures are maintained and the projects approved”, they pointed.

The chairman of the board of directors, Rebecca Hofmann, said that “the creation of the OOC Blockchain Oil and Gas Consortium is an important step towards the establishment of key standards, frameworks and capacities of the block chain for the gas and gas industry. Petroleum”.

Hofmann added that the creation of this consortium “represents a collaborative effort to explore the potential of technology and take advantage of learning to boost the adoption of the industry.” Hofmann pointed out that “blockchain technology is a catalyst to re-imagine the way we do business”.

For its part, the vice president of the board of directors, JD Franke, said that the Blockchain Consortium of Oil and Gas of OOC “is eager to start building a network of business partners to advance collaboration in the use cases in exploration, finance , IT, land, operations and supply chain, while taking advantage of the learning of our members, “he said.

In terms of the scope and objectives of this consortium, the statement states that they are the following:

“Learn, lead and take advantage of the emerging blockchain technology for the oil and gas industry by evaluating technology, completing concept tests and driving pilots;
Explore the benefits and industrial application of blockchain, which includes faster transactions, reduced conflicts, greater security and lower costs;

Facilitate the adoption of blockchain through the standardization of data, processes, security and compliance of the industry;

Drive standard configuration through industry alignment on key blockchain components, including governance structures, smart contract parameters, consensus protocols and cryptology requirements.”

Equinor and Chevron are also part of another blockchain initiative for the oil and gas industry. In November last year, the three oil companies British Petroleum, Shell and Equinor partnered with banks and commercial houses for the launch of Vakt, an oil post-trading platform based on blockchain technology.

According to the media, the banks participating in the Vakt initiative are: ABN Amro, ING and Societe Generale, together with the Gunvor, Koch Supply & Trading and Mercuria trading houses. Also, on February 25 Vakt announced the hiring of four new customers.

Additionally, Vakt’s investors include: Chevron, a founding member of the Blockchain Oil and Gas Consortium of OOC; Total, business group of the petrochemical and energy sector; and the Indian conglomerate Reliance Industries.