U.S. Blockchain Consortium Launches to Lead Blockchain Adoption in the Oil and Gas Industry

HOUSTON–(BUSINESS WIRE)–A group of oil and gas companies have partnered to establish the first
industry blockchain consortium in the United States. With several use
cases across the industry value chain, the consortium, residing under
the Offshore Operators Committee (OOC), intends to conduct proofs of
concept with this emerging technology in 2019.

“Creating the OOC Oil & Gas Blockchain Consortium is a significant step
toward establishing key blockchain standards, frameworks and
capabilities for the oil and gas industry,” said Rebecca Hofmann,
chairman of the board of directors. “Blockchain technology is a catalyst
for reimagining the way we do business and this consortium represents a
collaborative effort to explore the technology’s potential and leverage
learnings to drive industry adoption.”

Blockchain technology uses distributed ledgers to allow digital assets
to be transacted in a real-time, immutable manner. The scope and
objectives of the consortium are to:

  • Learn, lead and leverage emerging blockchain technology for the oil
    and gas industry by evaluating the technology, completing proofs of
    concept, and conducting pilots;
  • Explore the benefits and industry application of blockchain including
    faster transacting, reduced disputes, improved safety and lower costs;
  • Facilitate blockchain adoption through industry standardization of
    data, processes, security and compliance;
  • Drive standard setting through industry alignment on key blockchain
    components, including governance structures, smart contract
    parameters, consensus protocols and cryptology requirements.

A board of directors will oversee consortium funding, ensure operating
procedures are maintained and provide project approval. The board is
comprised of representatives from the seven founding member companies:
Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Pioneer Natural
Resources and Repsol.

“The consortium is eager to begin building a foundational network of
business partners to collaboratively advance use cases within
exploration, finance, IT, land, operations and supply chain, while also
leveraging learnings amongst our members,” said JD Franke, vice-chairman
of the board of directors.

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About OOC Oil & Gas Blockchain Consortium

The OOC Oil & Gas Blockchain Consortium was founded to advance industry
blockchain technology learnings for the purpose of driving industry
standards, frameworks and capabilities around emerging blockchain
technology. The consortium was established under the not-for-profit
organization Offshore Operators Committee and offers membership-based
participation. For more information, go to www.oocblockchain.com.

Contacts

Media Contact
Rebecca Hofmann
[email protected]

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