Large multi-million-dollar oil and gas installations involve multiple parties, including oil and gas companies, EPC companies, design and engineering firms, and many subcontractors. Handing projects to operations should include all relevant documentation, but this is often incomplete and difficult due to project complexity.A possible use case of blockchain would be to leverage the distributed platform for storing all the details regarding the project, including design documentation, as-built documentation, project plans, project resourcing information, etc. This platform can be leveraged by all the entities, like EPC, oil and gas companies, and operations parties, thus becoming the sole repository throughout the project life cycle (as opposed to a place where only final documents are stored). The information can be added sequentially and at every stage of the project; previous details are updated with the additional information, which then is available as part of the final project document hand over. It is also possible to integrate this blockchain platform with an asset collaboration network, where the entire information of as-built can be moved and creates a digital twin of the asset, which then can be accessed by multiple parties on an ongoing basis.
According to the Central Intelligence Agency’s website, there are 1.665 trillion barrels of oil recoverable globally. On the other hand, a report by BP suggested that we have 53 years of proven oil supply left. Just 53 years! This brings about an opportunity to work towards democratizing our world’s proven reserves. Meanwhile, monitoring and potentially preserving our world’s oil supply via blockchain technology under a crypto-economic model that also monetizes proven undeveloped oil supply. On the investment side, the Permian Token opportunity allows for direct equity crowdfunding participation by token contributors under a trust-protocol that allows them to benefit from oil supply that is proven to be available but not yet produced. The Strategy With the Permian Token we developed a solution to solve the working capital requirements of oil exploration & production companies and oil exploration and production economies, meanwhile democratizing the direct investment sector for the average investor. The result, allowing seamless and transparent reporting of our world’s energy reserves and oil transactions under an immutable trust protocol (the blockchain). The Company also solved theoretical and technological issues of oil exploration & production by allowing public and private sector to sell proven reserves yet to be produced via blockchain technology under a closed-loop-B2B-exchange (the “PermianChain”). 11 The PERMIAN Token Offering will launch 10 billion XPR tokens. It is our intention that at least 8.0 billion XPR will be sold during the ITO stages at $0.10 per token. Where we anticipate that 87.5% of the funds raised will go into oil campaigns and acreage with proven reserves, also referred to as P90. Whereas over 6% will be used to invest in continuous technology including blockchain and artificial intelligence for oil & gas exploration and production. Therefore, the total value of circulating XPR will eventually equal to a portion of the total value of Proven Reserves that are identified until each barrel of oil in proven reserves is produced and sold.