Today Blockchain for Energy (B4E) said that Devon Energy (market cap $47bn), the major oil exploration and production firm, had joined its consortium, bringing its current membership to nine.
The group is focused on the extraction side of the oil and gas sector and has five current workstreams, including a commodity transport solution that combines blockchain and IoT sensors and is in production. The other projects relate to ESG emission disclosures, managing joint venture exploration projects and a mineral royalty blockchain solution.
The consortium started out in 2019 as the Offshore Operators Committee (OOC) but has since evolved, including a branding change. At launch there were nine members, but several have dropped out while others have joined. Chevron, ConocoPhillips, ExxonMobil, Pioneer Natural Resources and Repsol have been members from the start.
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