In September of 2019, GuildOne was awarded a contract from the US 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.

The OOC includes Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Marathon, Noble Energy, Pioneer Natural Resources, Repsol and Shell. These supermajors banded together to fund pilot projects that leverage blockchain technology to transform business practices and processes for greater efficiency and transparency.

GuildOne successfully developed and demonstrated the blockchain AFE Balloting PoC on December 10th, 2019. Using ConTracks on EBX, GuildOne demonstrated how our blockchain-powered solution can transform the error-prone and unnecessarily long and cumbersome AFE balloting process.

Traditionally, AFE ballots are sent by operators through registered mail or via courier to invite prospective joint venture partners to participate in new capital projects, a process that can take months. We demonstrated in moments how quickly the AFE balloting process can be transacted using blockchain.  We look forward to expanding on this development in the new year with the introduction of new use cases such as joint venture, road use and many more.

Click here for more information regarding the demonstration.