About Permianchain.com
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PermianChain is a blockchain-based platform that brings together the crypto-mining and energy sectors. The technology enables miners to buy processing power that has been generated from stranded gas, directly from exploration and production (E&P) companies.
The company is also exploring ways to digitize and tokenize oil reserves, making it easier for investors to put a value on potential but undeveloped reserves. This could help improve efficiency, increase liquidity and attract new investors.
PermianChain brings together the blockchain economy and natural sector to transform the way that oil and gas reserves are funded, produced, bought and sold in a digital economy. The platform intends to create liquidity by unlocking the value of proven oil and gas reserves to help companies improve their shareholder value with digital transformation.
Currently, energy trading is complex, slow and fundamentally inefficient. It also involves a number of intermediaries and cumbersome agreements that add costs to each transaction.
To combat these issues, PermianChain aims to tokenize off-take agreements (SOTA) on its digital energy platform. This will allow users to buy and sell field-generated energy for compute power on a dedicated digital platform.
Tokenization can make it easier for companies to raise funds through digital securities, as these are simple to transfer and do not require third parties to be involved. They also ensure that changes of ownership are easily tracked and hacking is difficult. This helps companies raise funds efficiently without having to spend a lot of time on the administrative work.
Traditionally, mining crypto currencies requires data centres that can solve complex computer puzzles to earn the digital currency. The faster a centre can solve the puzzle, the more bitcoins it can generate. This is measured by the difficulty rate, which is a measure of how hard the machine must work.
To address the challenge, Saudi-backed PermianChain and Brox Equity have created a solution using stranded gas from oil wells. The company places a shipping container full of bitcoin miners on the site, and diverts the unused natural gas into generators that convert it into electricity to power the rigs.
The resulting process reduces CO2-equivalent emissions by 63%.
PermianChain’s approach has the potential to save US$16 billion in annual energy costs worldwide and up to US$110 billion in Canada. It also helps oil and gas companies generate new revenue from stranded assets, while reducing waste.
The platform has developed a digital token called DEC (Digital Energy Currency) which allows cryptocurrency miners to manage their electricity consumption and prove that it is being produced in an environmentally considerate way. It is also a means of generating additional revenue for oil and gas companies from their stranded energy assets, without the need for significant back-office management.
A blockchain-based approach to trading oil and gas will improve efficiency across the industry. It will enable companies to make a more comprehensive analysis of potential projects, reduce costs and increase returns, creating savings that could change the status of marginal fields.
PermianChain is a Canadian technology company that aims to bring the efficiencies of the blockchain economy to natural resources. It is a pioneer member of the Blockchain Research Institute and start-up member of the Petroleum Technology Alliance Canada (PTAC).
By digitizing oil reserves, PermianChain helps E&P organisations release value far earlier in their development, which enables them to optimise revenue and cashflows. It also enables organisations to tokenise associated, excess, wasted and/or stranded natural gas resources that would otherwise go to waste or be flared into the atmosphere.
Using blockchain-based approaches, PermianChain will put a value on these proven but undeveloped resources and create a market where the oil and gas can be traded securely and transparently. It will also eliminate layers of bureaucracy and brokers, making it easier for oil and gas companies to raise funds efficiently.
PermianChain is a blockchain-based platform that makes it easy to catalog, manage and create value from the world’s largest resource. It is designed to be a reliable framework for making direct equity investments in private oil campaigns, using the aptly titled Permian Token (XPR) as the currency of choice. The token is issued as a regulated crypto asset-class. Integrated know-your-customer and anti-money laundering features from leading third-party providers also add to the appeal of this innovative technology.
One of the platform’s most laudable achievements is its ability to digitize the world’s largest known oil reserve in the form of the 1.6 trillion barrel Permian Oil and Gas field. Moreover, the platform is capable of displaying a full, high resolution map of this resource, accompanied by an interactive virtual tour for the lucky few. In short, it is a game changer.
