NetworkNewsWire Editorial Coverage:
The oil and gas industry has always been a breeding ground for
innovation and the adoption of new technologies, like 3-D seismic
mapping and hydraulic fracturing. While a majority of such
bleeding-edge tech has been implemented in field operations,
back-office
procedures such as supply chain management have lagged behind.
Digital technologies are increasingly being used to increase profit
margins via back-office enhancement, providing disruptive
advantages to operators at every scale. From augmented reality and
predictive financial systems to distributed open-ledgering
blockchain technology, the oil and gas industry is evolving to
create a major opportunity for aggressive participants such as
blockchain early adopter Petroteq Energy, Inc. (TSX.V: PQE)
(OTCQX: PQEFF) (FRANKFURT:MW4A) (PQEFF
Profile). This is a trend that’s also
successfully pursued by tech juggernauts such as Amazon,
Inc. (NASDAQ: AMZN), IBM (NYSE: IBM),
Microsoft Corp. (NASDAQ: MSFT) and Oracle
Corp. (NYSE: ORCL).
The oil and gas industry is saddled with expensive upstream
exploration and development, as well as persistent downstream
efficiency challenges. This inescapable reality has ignited a
firestorm of activity around blockchain-enabled systems that can
create real-time situational awareness and help offset associated
costs and complexities. These blockchain-enabled systems can
function as active transparency systems for the supply chain and
are destined to further evolve into largely self-governing
cognitive networks which can reduce the cost
of activities such as payment transactions by up to 30 percent.
But the power of cryptographically-secured and decentralized
(nodal) peer-to-peer network technology like blockchain, which
essentially self-monitors (while providing inherent reliability and
redundancy), doesn’t stop at improving transaction handling. This
technology will eventually touch every component of the
increasingly complex hydrocarbon supply chain, resulting in
transformative logistical advantages across key supply chain
components ranging from production sites and refineries to
pipelines, terminals and short-term storage facilities. This
transformative capability will also help revolutionize activity at
shipping and port infrastructure, as well as at the eventual points
of sale.
For a company like Petroteq
Energy, Inc. (TSX.V: PQE) (OTCQX: PQEFF)
(FRANKFURT:MW4A), known for its patented
solvent/surfactant-based high-capacity bitumen extraction process
for cleanly exploiting raw oil sands, the move to develop a
blockchain-based platform in conjunction with First Bitcoin Capital
Corp. (OTC: BITCF) is as natural as it is well-timed. Petrobloq
(https://petrobloq.com/) is specifically designed to
meet the supply chain management needs of the oil and gas sector
and the unique complexities and challenges of upstream, midstream
and downstream industries.
Oil and gas companies face intraday fluctuations in supply and
demand, as well as a constantly changing geopolitical atmosphere
and increasing regulatory oversight. Paired with the underlying
difficulty of exploration and production, these complexities reveal
the critical nature and need for efficient supply chain
management.
As Petroteq and First Bitcoin understand, the supply chain must
extend beyond the product that a company produces and into
ancillary supply chains required to produce its product. Their
Petrobloq solution is designed as an intelligent supply chain that
learns market conditions and helps the user adapt to market
variables – a feature that stands to benefit a wide variety of
sectors.
“Blockchain technology has the potential to change not only the
oil and gas sector but also other areas of the global business
world, leading to improved and optimized efficiency of the
end-to-end business transaction processes,” First Bitcoin Capital
CEO Greg Rubin explained in the press release announcing Petroteq’s
$500,000 contract (http://nnw.fm/fBui0). Notably, Rubin is a first-mover
in the blockchain arena, which adds weight to the creation of this
new blockchain-based platform.
Rubin is an international energy products investor with 10 years
of experience working in the Russian oil market in a variety of
roles, including engineering, site planning, drilling, geophysics,
and refinery operations. His international experience includes
planning oil and gas infrastructure projects, oil product commerce
and trading, energy, technology, refinery development and the
Carbon Credit Market. Through his analysis of the commodities and
financial markets worldwide, Rubin has applied his expertise in
management, investor relations, market analysis and business
philosophy to usher CoinQX Bitcoin and ALTcoin Exchange into future
opportunities.
Under his guidance, First Bitcoin Capital has chosen the
Hyperledger blockchain, a product developed by the Linux
Foundation-led open-source cross-industry collaborative Hyperledger
Project, as the core technology for the new Petrobloq platform.
First Bitcoin Capital will also build for Petroteq a smart contract
system prototype on a blockchain to improve the efficiency of oil
and gas supply chain management interactions. Taking advantage of
distributed ledgers, the two companies will explore ways to
optimize and monitor the supply chain logistics on the blockchain
to automate oil and gas industry transactions.
“We have begun a journey with First Bitcoin Capital to exploit
the potential of this new technology. We are very pleased with the
cooperation with the team and will begin to develop a first
blockchain proof-of-concept. We look forward to seeing these
blockchain applications applied to our business,” stated Petroteq
CEO Alex Blyumkin.
While blockchain technology shows incredible potential for
companies like Petroteq and other oil and gas players, the success
of such application can be found outside the industry entirely.
Amazon (NASDAQ: AMZN) is certainly no stranger
to disruptive technological innovation, having kicked open the
e-commerce door in the 90s for retail, in a way that blockchain
tech now seems ready to do today for a wide variety of industries.
Amazon’s cloud computing unit, Amazon Web Services (AWS), continues to be the
company’s most profitable and crushed Q3 expectations, with
$4.58 billion in revenues on 42 percent growth. A major move to
embrace blockchain last year via a
collaboration with Digital Currency Group has placed AWS at the
forefront of the quest to create secure and frictionless
blockchain-enabled services for companies in finance, insurance and
technology.
IBM (NYSE:IBM) has long been at this forefront,
seeking to engineer an immutable, transparent and auditable
transaction platform based on blockchain. The company’s report on
blockchain for the chemicals and petroleum industries deserves a
closer look from investors seeking to understand how all of
this will play out. The advent of IBM Blockchain,
based on the Linux Foundation’s open source and cross-industry
promoting Hyperledger
framework, has already begun to enable fully transparent and
scalable systems for a variety of industries. The potential for
this sort of technology in the heavily regulated oil and gas
industry, which is plagued in the international market by
innumerable and varying governmental oversight requirements, really
needs to be taken to heart.
Microsoft (NASDAQ: MSFT) has also seen the
potential of the cryptographically secure, shared, distributed
ledgering technology that is blockchain. Leveraging the company’s Azure
data and AI platform, Microsoft is able to offer unique
off-chain data-management and analysis capabilities. A survey this
year by Microsoft and Accenture (NYSE: ACN) highlighted
blockchain as one of the key areas, in the next three to five
years, on which some 70 percent of industry respondents intend to
spend significantly more.
Oracle (NYSE: ORCL) is also embracing
blockchain technology, with Oracle Blockchain
Cloud Services (also using Hyperledger) becoming a way for the
company’s customers to easily link existing inventory and supply
chain software to a secure, distributed transaction system,
irrespective of where that existing software runs. The size and
volume of contracts and transactions in the oil and gas industry
has always created a panoply of reconciliation and tracking
complications among contractors, subcontractors, and suppliers.
The emergence of
smart contracts enabled by blockchain technology now seems like
the inevitable future.
Industry regulation by governments around the world, as well as
IoT (internet of things) proliferation, will continue to be driving
factors for blockchain-enabled platform development in the oil and
gas industry. Demand for oil is increasing steadily according to OPEC's
World Oil Outlook 2017, which recently revised its forecast for
2040 upward by 1.7 million BOPD. There is a tremendous opportunity
here for companies like Petroteq, which has taken the opportunity
to develop a blockchain platform for the increasingly complex
logistical environment of the oil and gas industry.
For more information on Petroteq Energy, visit
Petroteq
Energy, Inc. (TSX.V: PQE) (OTCQX: PQEFF)
(FRANKFURT:MW4A)
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides
(1) access to our news aggregation and syndication servers, (2)
NetworkNewsBreaks that summarize corporate news and
information, (3) enhanced press release services, (4) social media
distribution and optimization services, and (5) a full array of
corporate communication solutions. As a multifaceted financial news
and content distribution company with an extensive team of
contributing journalists and writers, NNW is uniquely positioned to
best serve private and public companies that desire to reach a wide
audience of investors, consumers, journalists and the general
public. NNW has an ever-growing distribution network of more than
5,000 key syndication outlets across the country. By cutting
through the overload of information in today’s market, NNW brings
its clients unparalleled visibility, recognition and brand
awareness. NNW is where news, content and information converge.
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
Please see full terms of use and disclaimers on the
NetworkNewsWire website applicable to all content provided by NNW,
wherever published or re-published: http://NNW.fm/Disclaimer
DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article
and content set forth above. References to any issuer other than
the profiled issuer are intended solely to identify industry
participants and do not constitute an endorsement of any issuer and
do not constitute a comparison to the profiled issuer. The
commentary, views and opinions expressed in this release by NNW are
solely those of NNW. Readers of this Article and content agree that
they cannot and will not seek to hold liable NNW for any investment
decisions by their readers or subscribers. NNW are a news
dissemination and financial marketing solutions provider and are
NOT registered broker-dealers/analysts/investment advisers, hold no
investment licenses and may NOT sell, offer to sell or offer to buy
any security.
The Article and content related to the profiled company
represent the personal and subjective views of the Author, and are
subject to change at any time without notice. The information
provided in the Article and the content has been obtained from
sources which the Author believes to be reliable. However, the
Author has not independently verified or otherwise investigated all
such information. None of the Author, NNW, or any of their
respective affiliates, guarantee the accuracy or completeness of
any such information. This Article and content are not, and should
not be regarded as investment advice or as a recommendation
regarding any particular security or course of action; readers are
strongly urged to speak with their own investment advisor and
review all of the profiled issuer’s filings made with the
Securities and Exchange Commission before making any investment
decisions and should understand the risks associated with an
investment in the profiled issuer’s securities, including, but not
limited to, the complete loss of your investment.
NNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. “Forward-looking statements” describe future expectations,
plans, results, or strategies and are generally preceded by words
such as “may”, “future”, “plan” or “planned”, “will” or “should”,
“expected,” “anticipates”, “draft”, “eventually” or “projected”.
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company’s annual report on Form 10-K or 10-KSB and
other filings made by such company with the Securities and Exchange
Commission. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue
reliance on such statements. The forward-looking statements in this
release are made as of the date hereof and NNW undertake no
obligation to update such statements.
Source:
NetworkNewsWire
Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com
Petroteq Energy (CE) (USOTC:PQEFF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Petroteq Energy (CE) (USOTC:PQEFF)
Historical Stock Chart
From Sep 2023 to Sep 2024