- Petroteq Energy Inc. has a patented, environmentally-friendly oil sands extraction technology which is suitable for all hydrocarbon deposits
- Company is developing the first blockchain-based platform, PetroBLOQ, to meet the supply chain needs of the oil and gas sector
- Company is dedicated to increased transparency while providing users increased productivity and lower costs
Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), a Canadian company known for its patented, environmentally-friendly oil sands extraction technology, is developing PetroBLOQ, the first blockchain-based platform focused on meeting the specific needs of players in the oil and gas industry. PetroBLOQ promises to improve efficiency, transparency and security in the oil and gas sector.
Transparency is at the heart of all that Petroteq does. The company is dedicated to implementing the same standards it has in producing clean energy to the development of this new blockchain platform. In addition to being committed to the preservation of the environment, protection of heritage and cultural landmarks, safe work environments, employee safety and respect for local residents, Petroteq has committed itself to improving the transparency and accountability of the oil and gas sector. The company is actively engaged in creating an open peer-to-peer network, removing fraud and corruption along the supply chain. Petroteq management takes seriously their commitment to clean, sustainable energy and social responsibility in everything they do.
PetroBLOQ promises to provide users with increased transparency while improving productivity and lowering costs. With this tool in place, the constantly evolving geopolitical atmosphere and market fluctuations of the oil and gas industry are expected to become simpler to navigate. Every level of the oil and gas supply chain has its own challenges. This new technology seeks to eliminate a number of those challenges and aims to help producers by way of prevention.
In his end of the year letter to shareholders (http://ibn.fm/A4y5k), chairman and CEO Aleksandr Blyumkin said that, with the patented clean heavy oil extraction technology being successful, the company is on the cusp of 87 million barrels of contingent resources. In 2017, it increased efficiency that could bring production capacity to 1,000 bpd (barrels per day). He goes on to speak of the new blockchain technology, saying, “Through our recently created PetroBLOQ subsidiary, and a working relationship with First Bitcoin Capital we intend to help reduce the massive administrative costs in the Energy Industry, as a developer and service provider of Blockchain enabled technology products.”
With zero greenhouse gas, zero waste and an emphasis on transparency, Petroteq Energy Inc. is dedicated to developing new technologies to help companies in the industry secure competitive advantage and cost efficiency.
For more information, visit the company’s website at www.Petroteq.energy
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