The participation of Devon Energy in Blockchain for Energy’s oil and gas consortium is expected to help accelerate the industry’s adoption of Web3 technologies. (Source: Shutterstock.com)
Devon Energy Corp. recently joined Blockchain for Energy’s oil and gas consortium, which is expected to help accelerate the industry’s adoption of Web3 technologies.
“Joining Blockchain for Energy is another example of Devon’s focus on innovation and collaborative partnerships,” Devon CTO Trey Lowe commented in an Aug. 23 release. “We are excited to work with many highly respected organizations and help transform the energy industry’s technology landscape.”
In addition to Devon, Blockchain for Energy members include Chevron Corp., ConocoPhillips Co., Exxon Mobil Corp., Pioneer Natural Resources Co., Repsol SpA, Schlumberger Ltd., API and Worley Ltd.
Based in Houston, Blockchain for Energy, also known as B4E, helps member organizations advance and transform the way transactions, records and data are managed in the energy industry. B4E also supports opportunities for lower carbon energy through collaboration and proactive development of new technologies.
Devon will hold full member status, a board seat, and participate in B4E’s technology committee. They will participate in all five consortium programs including: the ESG-emission disclosure registry pilot; integrated joint venture management (with AFE balloting and joint interest billing); the current testing of a mineral royalty blockchain solution; and B4E’s operational commodity transport solutions.
Headquartered in Oklahoma City, Devon Energy’s operations are focused in five core areas: the Permian Basin, Eagle Ford Shale, Anadarko Basin, Powder River Basin and Williston Basin.
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