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Oil & Gas Blockchain Consortium Successfully Tests Expense Approval Project

Janelle Fox

Summary: The OOC Oil & Gas Blockchain Consortium and GuildOne, the Canadian software firm, have successfully tested the first Authorization for Expenditure (AFE) balloting blockchain. AFE focuses on cost and expense approval specifically when it comes to the upstream oil and gas process where large expenditure is required for exploration, development, and production. Converting the balloting ...

The OOC Oil & Gas Blockchain Consortium and GuildOne, the Canadian software firm, have successfully tested the first Authorization for Expenditure (AFE) balloting blockchain.

AFE focuses on cost and expense approval specifically when it comes to the upstream oil and gas process where large expenditure is required for exploration, development, and production. Converting the balloting process to blockchain would simplify and reduce the manually exhaustive and largely paper-driven process of authorizing capital and expense projects and will provide immutable documentation of the final interests.

By Janelle Fox

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