ExxonMobil, Chevron and Five Others Form Global Oil and Gas Blockchain Consortium

Seven global oil and gas firms, including American industry giants ExxonMobil and Chevron, have partnered to form a blockchain consortium, according to a press release on Feb. 26.The so-called Oil & Gas Blockchain Consortium, residing under the Offshore Operators Committee, intends to conduct proofs of concept in order to explore and apply the benefits of blockchain, as well as contribute to global adoption of the tech.

According to the press release, the consortium represents the first initiative of its kind in the oil and gas industry in the United States.

Rebecca Hofmann, chairman of the OOC board of directors, said that creating the consortium is an important step towards establishing a basis for blockchain-oriented standards, frameworks and capabilities for the oil and gas industry.

On Feb. 25, Vakt, a blockchain-enabled, post-trade platform for oil, signed up four new clients, joining initial supporters, which include BP, Shell and Total, as well as industry giants Chevron, Equinor and Reliance Industries.

Designed to improve commodity trading and reduce paperwork, Vakt was launched in November 2018.

Earlier in February, former JPMorgan Chase exec Etienne Amic was appointed as Vakt's new CEO, purportedly expected to bring direct his experience in commodities trading to the platform.