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Blockchain Technology Projected to Play a Disruptive Role in Oil and Gas Sector

  • PetroBLOQ promises to play vital role in improving efficiency, transparency and security of oil and gas sector
  • Increases in oil shale production, rising Brent prices fueled by rising demands worldwide
  • Complex transactions, supply chain management issues cement need for PetroBLOQ’s disruptive technology

Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), a company focused on the development and implementation of proprietary technologies for the energy industry, is uniquely positioned to develop a disruptive blockchain technology platform for the oil and gas industry through its subsidiary, PetroBLOQ. In a recent letter to shareholders (http://nnw.fm/Ntl04), Jerry Bailey, director and president of Petroteq, said blockchain “holds the promise of unlocking billions of dollars in profits for the Energy Industry by reducing the friction inherent in the business processes we need to control.”

Worldwide demand for efficiency in the oil and gas sector continues to grow as geopolitical and economic instabilities fluctuate, affecting supply and resources. Implementation of blockchain technology, which utilizes a distributed, encrypted ledger and smart contracts, would move this massive industry away from the inherent problems of paper trails or outdated trading platforms, as noted in an article on OilPrice.com (http://nnw.fm/j2WkS). These hugely complicated global contracts are often rife for lawsuits and lengthy legal processes that pump up prices and create numerous obstacles for those involved in oil and gas supply chain management.

“Few people outside of the energy industry understand the complexity of the transactions that need to happen between getting crude oil from the ground to ultimately ending up as gasoline in your automobile,” Bailey said in discussing the benefits of PetroBLOQ’s technology.

Petroteq recently forged a partnership with First Bitcoin Capital (OTC: BITCF) to bring the benefits of cryptocurrency to the oil and gas industry (http://nnw.fm/aU1hY). The companies are collaboratively working to develop and operate PetroBLOQ – the first blockchain-based platform developed exclusively for the supply chain needs of the oil and gas sector (www.PetroBLOQ.com). As demand for energy continues its never-ending upward spiral, PetroBLOQ is building a stabilizing, distributed digital ledger through blockchain technology that will give all the players in the energy industry crucial production, transportation and accounting information in real-time, potentially saving billions in cost.

In its ‘2018 Oil and Gas Industry Outlook’ report (http://nnw.fm/uFet6), Deloitte points out “the proliferation of increasingly lower-cost digital technology is already unleashing innovative ideas across the oil and gas value chain. From how we develop a field, procure goods and services, and move product to all the HR and back-office services to support the core businesses, digital technologies could change everything, resulting in radical efficiency gains and improvements of both top and bottom lines.”

Goldman Sachs said in a recent report (http://nnw.fm/m6hD2) that it has raised its 2018 oil price forecasts, projecting that Brent crude will soon top $80, fueled by blockbuster oil demand, a deal among big producers to limit output and U.S. drillers’ inability to meet the world’s growing energy appetite. Notably, the investment bank said that many U.S. drillers and oil majors have vowed to focus on efficiency and fiscal discipline at the expense of runaway production growth – underscoring the disruptive potential of PetroBLOQ’s visionary technology.

Pemex, the Mexican state-owned petroleum company and one of the world’s top petroleum producers, recently became the first member of the PetroBLOQ Global Blockchain Industry Consortium. Pemex also made headlines on December 1, 2017, by becoming the first petroleum company to accept cryptocurrency as a form of payment.

“We believe this new opportunity with Pemex serves as a testament to the success of our vision as we continue to make progress in our most recent venture, to develop and operate an enterprise-grade, blockchain-based platform,” Alex Blyumkin, CEO and chairman of Petroteq, stated in a news release announcing the agreement. “As part of our strategy to build advanced oil processing and refining facilities, we discovered inefficiencies and bottlenecks associated with the industry’s supply chain, and proposed blockchain solution is being designed to enable oil and gas companies globally to conduct transactions.”

For more information, visit the company’s website at www.Petroteq.energy

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