Oil and Gas Transformation with Blockchain Technology
Building a network of business partners to create industry solution frameworks and guidelines leveraging blockchain technology to maximize opportunities to reduce costs, improve timelines and eliminate disputes in any given process.
“Blockchain is an emerging technology that gives us the potential to reimagine how we work across our industry today.”
Chairman, OOC Oil & Gas Blockchain Consortium
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AFE Balloting Demonstration
OOC Oil & Gas Blockchain Consortium Succesfully Tests Digitizing the AFE Balloting Process Leveraging Blockchain Technology
HOUSTON – The OOC Oil & Gas Blockchain Consortium today announced that it has engaged with GuildOne to successfully test the industry’s first blockchain application for Authorization for Expenditure (AFE) balloting.
CALGARY, Alberta, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Calgary-based GuildOne Inc. (GuildOne) has been awarded a contract from the Offshore Operators Committee (OOC) Oil & Gas Blockchain Consortium to deploy and demonstrate a proof-of-concept (PoC) blockchain solution for authorization for expenditure (AFE) balloting. AFE balloting is a commonly used tool for garnering approval and participation in capital projects that are governed by joint operating agreements (JOA).
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