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PermianChain’s new blockchain technology to the oil and gas

Technology

PermianChain Technologies has introduced the Permian Token (XPR), a crypto asset-class that is set to underpin holding rights to the value of potential but undeveloped oil and gas reserves

XPR is expected to eliminate the layers of bureaucracy and dramatically reduce broker and administrative fees. It will also make it simpler to pinpoint and alleviate delays, will improve investment efficiency and open the sector to a swathe of potential new investors.

Trading oil and gas is currently complex, slow and fundamentally inefficient. Agreements are cumbersome and difficult to transfer without adding costs and there are so many different steps involved in the process of getting oil and gas from upstream through mid-stream to downstream, that the knock-on effect of delays at any point can be significant and costly.

The levels of complexity and inefficiency mean that many potential investors are reluctant to involve themselves in the market, reducing the sector’s potential liquidity and value.

The Permian Token’s system of smart contracts is intended to replace these complex agreements using the PermianChain, a blockchain network which is currently being developed by Canada-based PermianChain Technologies.

XPR is expected to reduce investors’ liquidity issues by creating a tradable crypto-asset on a permission-access trust-protocol. The smart contracts will also remove a large proportion of the administrative and brokerage burden from oil and gas suppliers, which could turn marginal fields into profitable ones.

There are already approximately 250 mmbbl of potential oil and gas reserves planned to be listed on the PermianChain network, and the company has formed partnerships with a string of organisations including the Gulf Energy Corporation, Battiest Energy and KaspianInnovations.

“Many private oil and gas opportunities are structured with an upfront fee due to their exclusivity and inaccessibility,” observed Mohamed El-Masri, co-founder of PermianChainTechnologies.

More than 30,000,000 XPR tokens have been pre-booked so far. The founding partners are currently preparing the launch of the first round of its private placement, offering accredited investors and professional clients the opportunity to support the PermianChain project and secure their rights for XPR tokens. The firm is working closely with King & Spalding, a global legal specialist, to have XPR issued as a regulated crypto-asset.

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