Devon Joins Oil and Gas Industry Consortium Blockchain for Energy
HOUSTON (August 23, 2022) — Blockchain for Energy (B4E) today announced that Devon Energy Corporation has joined its oil and gas consortium which 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.
“It is my great pleasure to welcome Devon Energy as a board member to the Blockchain for Energy consortium,” said Rebecca Hofmann, CEO, Blockchain for Energy. “We look forward to the great things our collaboration will achieve and the transformation that will result from it.”
Membership will help accelerate the adoption of Web3 — a future internet built on decentralized blockchains — technologies.
“Joining Blockchain for Energy is another example of Devon’s focus on innovation and collaborative partnerships,” said Trey Lowe, Chief Technology Officer at Devon Energy. “We are excited to work with many highly respected organizations and help transform the energy industry’s technology landscape.”
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.
Drawing on knowledge from some of the most experienced industry leaders, the consortium’s work will lead to enhanced innovation needed to usher in a new digital era. Through collaboration and market innovation, B4E and its members are building an enterprising community and reinventing the energy industry’s workflow processes.
In addition to Devon, B4E members include Chevron, ConocoPhillips, ExxonMobil, Pioneer Natural Resources, Repsol, Schlumberger, API, and Worley.
About Blockchain for Energy
Utilizing the benefits of blockchain technology, the Blockchain for Energy (B4E) consortium provides its members with forward thinking learnings and solutions for the energy industry. We collaboratively drive digital transformation towards Web3 by providing members with opportunities to accelerate their digitalization journey. We seek to resolve, reinvent, and transform the industry’s ways of working through collective synergies. Blockchain for Energy is a safe venue to create transformational change – for the energy industry – by the energy industry.
About Devon Energy
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.