Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), a company focused on the development and implementation of proprietary technologies for the energy industry, today announced details regarding the components and features of its anticipated blockchain based oil & gas supply management platform, PetroBLOQ. Among other highlights, some of the targeted capabilities of the PetroBLOQ platform include providing its users and employees with a safer work environment, maximizing production efficiency, and making oil production, facility maintenance and capacity upgrades more cost efficient and transparent. PetroBLOQ also intends on using blockchain to start and end processes and adjust parameters using the data collected by its Internet of Things (“IoT”) sensor network that will be deployed throughout the plant. “PetroBLOQ recently opened its development labs for blockchain solutions for the oil & gas industry and looks forward to being at the forefront of the deployment of technologically advanced solutions for our industry,” Petroteq CEO Alex Blyumkin stated in the news release.
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About Petroteq Energy Inc.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. In addition, the Company, through its wholly owned subsidiary PetroBLOQ, LLC, is seeking to develop the first blockchain based platform created exclusively for the supply chain needs of the oil & gas sector. For more information, visit www.Petroteq.energy and www.PetroBLOQ.com.
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