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OOC Oil & Gas Blockchain Consortium Successfully Tests Industry’s First Blockchain AFE Balloting System

Roland James

Summary: The OOC Oil & Gas Blockchain Consortium has successfully tested the industry’s first blockchain application for Authorization for Expenditure (AFE) balloting. AFEs allow the oil and gas industry to approve capital, figure out the cost of projects and determine working interests among those involved in projects under a joint operating agreement. By moving this process ...

The OOC Oil & Gas Blockchain Consortium has successfully tested the industry’s first blockchain application for Authorization for Expenditure (AFE) balloting.

AFEs allow the oil and gas industry to approve capital, figure out the cost of projects and determine working interests among those involved in projects under a joint operating agreement. By moving this process to blockchain companies would effectively reduce cycle time and working interest disputes

By Roland James

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