- Development of blockchain-based, supply chain management platform for oil and gas industry continues under PetroBLOQ banner
- Key markets identified for expansion plans include Russia, Ukraine and Switzerland
- Russian oil production reached 30-year high of 10.98 million barrels per day in 2017, making Russian oil and gas companies ideal candidates for PetroBLOQ technology
- Petroteq’s patent-protected clean technology for extraction of oil from sands and shale bolsters world’s green energy goals
Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), focused on the development and implementation of proprietary, environmentally-friendly heavy oil extraction technologies for the energy industry, intends to expand its footprint by opening PetroBLOQ marketing offices in several key strategic locations around the globe. PetroBLOQ is the company’s advanced blockchain initiative aimed at solving the global supply chain and transaction management challenges facing the oil and gas industry.
PetroBLOQ, which recently joined the Enterprise Ethereum Alliance, the world’s largest open-source blockchain initiative with over 200 members, is currently under development. A May 9 news release shows the company’s level of commitment through the opening of its PetroBLOQ Blockchain Labs in California (http://nnw.fm/y8JQx). The company has leased purpose-built space and staffed the facility with blockchain and smart contract developers and UX/UI designers. PetroBLOQ is poised to become the first blockchain-based platform developed exclusively for the supply chain needs of the oil and gas sector.
Petroteq’s expansion of its PetroBLOQ consortium includes the previously announced addition of PEMEX, the Mexican state-owned petroleum company, and SOCAR Energy Ukraine, Ltd., a subsidiary of the State Oil Company of the Azerbaijan Republic. The newly announced initiatives targeting Switzerland, Russia and Ukraine are based on a strategic analysis of the oil and gas industry’s growth in each country and the healthy interest shown by firms seeking the efficiency, transparency and decentralized technologies inherent in blockchain distributed ledger technology.
“We have been gaining traction with oil and gas related companies to our PetroBLOQ platform,” Alex Blyumkin, chairman of Petroteq’s board of directors, said in a May 14 news release (http://nnw.fm/BEX8b). “We feel that bolstering our international presence in key markets will create an advantage as we move forward with the platform’s development.”
Adding to the company’s deep background in the international oil and energy space, Petroteq recently appointed Frank Ingriselli to its advisory board. Ingriselli is a seasoned leader and entrepreneur with wide-ranging oil exploration experience in diverse geographies, business climates and political environments over the past three decades. He is the founder, president and CEO of Blackhawk Energy Ventures, a company focused on identifying and acquiring undervalued oil assets and maximizing their production and profit through the use of cost-effective, low-overhead programs aimed at bottom line profitability through operational efficiency and market responsiveness.
“We are excited to have Frank on our team,” David Sealock, CEO of Petroteq, said in announcing Ingriselli’s appointment to the board (http://nnw.fm/Cj5kO). “We believe that his notable background and expertise in international oil and energy will serve as an invaluable tool for the development of our future strategy.”
For more information, visit the company’s website at www.Petroteq.energy
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