PermianChain Technologies, an information technology and services company, has launched the prototype of its platform for trading potential oil and gas reserves that have yet to be developed
PermianChain’s blockchain-based approach will make it easier to put a value on reserves before they have been produced, enhancing efficiency and improving understanding of a project’s viability.
PermianChain has been designed to increase the way firms across the oil and gas sector interact and trade. The platform uses PermianToken (XPR), a blockchain-based approach, to value potential oil and gas reserves and a market where these tokens can be traded securely and transparently.
By digitising oil reserves, it is easier to get a comprehensive understanding of the viability and current status of a project. The approach will dramatically reduce the administrative costs involved in trade savings, which could potentially change the status of marginal fields.
The Permian platform is built around five integrated pillars which have been tailored to support different aspects of oil well developments, investment and trade processes.
Mohamed El-Masri, a co-founder of PermianChain Technologies, said, “The crypto asset-class has inevitably become an integrated part of the global financial markets, and the blockchain economy is becoming more and more important. At the same time, the oil and gas industry has reached a critical point where it needs to find new efficiencies and ways of assigning value.”
“The introduction of new sources of energy from shale gas, tight oil or coal seam gas creates an opportunity to examine how we trade before the current inefficiencies become entrenched. PermianChain will help generate early revenues for suppliers, provide higher discounts to buyers and increase value across the industry, complementing rather than disrupting the way that businesses currently operate,” he added.
The Permian platform is being developed by PermianChain Technologies on IBM’s Hyperledger Fabric, creating a reliable framework for direct equity investments in private oil campaigns. The platform is committed to compliance and security with a range of integrated know-your-customer (KYC) and anti-money laundering (AML) features from leading third-party providers.
PermianChain Technologies works with King & Spalding, a global legal specialist, to license the PERMIAN platform and have PERMIAN Token (XPR) issued as a regulated crypto asset class.
