A Calgary-based blockchain provider will deploy and demonstrate an automated blockchain solution for AFE balloting for an oil and gas blockchain consortium.

GuildOne Inc. 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).

The OOC Oil & Gas Blockchain Consortium is an oil and gas industry consortium that was founded to advance industry blockchain technology projects for the purpose of driving industry learnings, standards, frameworks and capabilities around blockchain. Current members include Chevron Corporation, ConocoPhillips, Equinor, Exxon Mobil Corporation, Hess, Marathon, Noble Energy, Pioneer Natural Resources Company, Repsol, and Royal Dutch Shell plc.

GuildOne is a technology company providing advanced data solutions and business intelligence to oil and gas organizations to enhance their business performance.

The OOC Blockchain Consortium AFE Balloting project will allow GuildOne to leverage ConTracks to perform a confidential, secure and immutable AFE balloting exchange between multiple member nodes on EBX simultaneously. The project is expected to demonstrate that blockchain can be used to successfully automate the distribution of the AFE ballot, the marshalling of responses by recipient partners within the parameters of the JOA, and the ensuing calculation of working interests in the project.