ExxonMobil and Chevron, along with five other oil and gas firms, have signed a partnership agreement to form Oil & Gas Blockchain Consortium. The consortium is under the Offshore Operators Committee, the board of which includes U.S.-based ConocoPhillips, Pioneer Natural Resources, Hess, Norwegian Equinor, and Spanish Repsol.

As per sources, the association will conduct proofs of concept for exploration the potentials of blockchain and promote global adoption of the technology.

Rebecca Hofmann, chairman of the OOC board of directors, has stated that the consortium is intended to establish a basis for blockchain-oriented standards, frameworks and capabilities for the utility industry.