- Texas-based
MetzOhanian specializes in developing blockchain solutions
- Petroteq
believes that blockchain technology will create huge savings and increase
trust
- Industry
experts predict that blockchain applications could increase oil industry
profits
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF), a company
that develops and implements new technologies for the energy industry, has
engaged a software engineering firm to create blockchain applications for its
PetroBLOQ platform, according to a company press release (http://ibn.fm/q6h1a).
MetzOhanian, a Texas-based software development and security
firm, specializes in building blockchain solutions. Petroteq intends to use
blockchain technology to improve efficiency and transparency in its supply
chain, leading to major cost savings and enhanced security and trust.
A number of industry experts believe that blockchain will
play a major role in boosting the oil industry’s profitability (http://ibn.fm/tF83x).
Specifically, using blockchain technologies in supply line management could
reduce inefficiencies that currently cost the industry a lot of time and money.
MetzOhanian, with its Texas roots, is familiar with the supply chain challenges
that confront the oil industry. MetzOhanian specializes in creating software
for businesses, including business automation, software and hardware
integration and supply chain applications.
“The use by Petroteq of a blockchain based platform designed
by PetroBLOQ is anticipated to provide Petroteq with the latest administrative
technology to interface with our customers, vendors, and suppliers in
real-time. Internally it will enhance the efficiency of operations, reduce
administrative costs, and provide support to our departmental systems, so that
our team can be in touch anywhere in the world,” Dr. Jerry Bailey, who holds
the dual role of advisor to PetroBLOQ and president and director of Petroteq,
stated in a news release. “We believe that petroleum companies will find
blockchain to be a useful tool in sharing information within the industry and
will allow them to better service their clients and provide a level of
transparency between the parties.”
David Sealock, CEO of Petroteq, added that, even in the
early days of blockchain application in the energy industry, PetroBLOQ’s
blockchain principles have a compelling potential to create a technology
consortium for remediation and reclamation projects. “We anticipate that as
interest grows in leveraging Petroteq’s proprietary technology for surface oil
sands mining, the remediation and cleaning of contaminated sites and oil waste
reclamation will come to the forefront. We expect that the integration of
technologies provides the possibility of creating long term investments in the
profit potential of something as game changing as blockchain.”
Petroteq has developed and patented an environmentally
friendly and sustainable technology that extracts heavy oil from oil sands, oil
shale deposits and shallow oil deposits. This green technology process, unlike
other oil sands extraction practices, leaves no waste and produces no
greenhouse gas emissions.
The company is in the final stages of preparations to begin
extraction operations at its heavy oil extraction facility in Asphalt Ridge,
Utah. Petroteq plans to begin producing 1,000 barrels of oil per day before
gradually expanding production capacity to increase output to 8,000 barrels per
day by late 2020 or early 2021.
For more information, visit the company’s website at www.Petroteq.energy
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