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Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) Hires Software Development Firm to Develop Blockchain Applications for PetroBLOQ

  • 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://nnw.fm/S8kTG).

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://nnw.fm/2Cgzc). 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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