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.
Founders that dropped out include Equinor, Hess, Noble Energy, and Marathon Oil, while Shell has come and gone.
Other blockchain projects targeting the oil and gas sector include VAKT, which is backed by 15 firms in the oil, banking and data sectors and provides a post-trade solution. It’s planning to start using blockchain for tokenization. Startup Data Gumbo has previously partnered with B4E and targets the supply chain side. Another startup GuildOne has worked with B4E on its joint venture platform.