Chevron, Repsol, ExxonMobil and others establish oil and gas blockchain consortium in U.S.

A number of oil and gas companies are teaming up to establish the first industry blockchain consortium in the United States.

Called the OOC Oil & Gas Blockchain Consortium, the consortium has been established under the not-for-profit organization Offshore Operators Committee (OOC). It aims to advance industry blockchain technology learnings for the purpose of driving industry standards, frameworks and capabilities.

Founding members include Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Pioneer Natural Resources and Repsol.

The consortium’s funding will be overseen by a board of directors, which will comprise of representatives from the seven founding members. They will ensure operating procedures are maintained and provide project approval.

According to the official release, key focus areas of the consortium include evaluating blockchain technology, completing proofs of concept, and conducting pilots; exploring benefits of the technology including faster transacting, reduced disputes, improved safety and lower costs; facilitating blockchain adoption through industry standardization of data, processes, security and compliance; and driving standard setting through industry alignment on key blockchain components.

“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.”