• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 16 mins The Plastics Problem
  • 9 hours Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 2 hours To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 4 hours SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 5 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 31 mins EIA reports 12 mm bbls Inventory draw . . . . NO BIG DEAL . . . because U.S. EXPORTED RECORD 12 MILLION BARRELS DAY OF CRUDE + PETROLEUM PRODUCTS ! ! ! THAT'S HUGE !
  • 3 mins Its called reality: Economic, policy challenges to make Asia's energy transition painfully slow
  • 9 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 17 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 5 hours On the hobby side of things
  • 22 hours The Strait of Hormuz is the world’s most important oil transit chokepoint
  • 22 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 15 hours Oil Demand Needs to Halve: Equinor
The 100-Year Old Wildcatter Poised For A Breakout

The 100-Year Old Wildcatter Poised For A Breakout

Noble Energy is an industry…

The LNG Shipping Market Is Set For A Bull Run

The LNG Shipping Market Is Set For A Bull Run

In contrast to the volatile…

Two New Supermajors Join Vakt Blockchain Platform

Tech

Total and Chevron have joined the Vakt blockchain-based trading platform that BP and Shell launched last year, Reuters reports, adding that India’s refining giant Reliance Industries also signed up for the platform.

News of the platform first emerged in 2017 as blockchain continued to gain popularity. The consortium behind Vakt also includes trading houses Gunvor and Mercuria, as well as Koch Supply & Trading. The platform was financially backed by Dutch ABN Amro, ING, and French Societe Generale. The consortium behind Vakt announced the launch of the platform in November last year.

Big Oil has been eager to embrace the digital age now that the financial and efficiency benefits that some solutions can offer have become obvious. Blockchain specifically, despite the hype, has been adopted by a growing number of companies outside the narrow blockchain and cryptocurrency sector in a bid to make various transactions more secure.

“Total has been supporting industry initiatives to digitise cargo post-trade processes for some time,” the French company’s chief of trading and shipping, Thomas Waymel said in a statement cited by Reuters. “We view them as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the VAKT blockchain platform.”

At the launch of Vakt, the consortium behind it said that initially, the platform will only process contracts for the five crude oil grades sourced from the North Sea that form the Brent international benchmark. At a later stage, it will include U.S. oil pipelines and cargoes of gasoline and other oil products for Northern Europe, which explains Total’s and Chevron’s early entry.

Besides the four Big Oil companies, the consortium behind Vakt also includes Norway’s Equinor and trading giants Mercuria and Gunvor. Soon, the platform will be made available to non-members of the consortium, according to an S&P Global Platts report from November quoting Lyon Hardgrave, VP of business development at Vakt.

By Irina Slav for Safehaven.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News