PermianChain’s measured approach to revolutionising oil and gas

As the last few months have made abundantly clear, the oil and gas sector can be susceptible to challenges that are well beyond its control. What individual businesses can do however is make sure that they are protected as far as possible and investigate new opportunities to ensure that shareholders, workers and the wider community derive as much value as possible from natural resources.

PermianChain was created to deliver technology that enhances the way that oil and gas exploration and production (E&P) companies operate. We are in the process of delivering products and services that will deliver that enhancement, but from a strategy point of view, our approach can be explained under four headlines: consult, conserve, convert and capitalise.

In this short article we will explain in a little more detail what we mean.

Consult

The oil and gas sector is complex, but very often organisations have existed within, and focused on, their own silos. This has sometimes meant that opportunities are missed to enhance efficiency, reduce waste and maximise returns. The transparency and perspective that PermianChain offers makes it far easier to work beyond individual silos.

For example, exempt market dealers (EMDs) using the PermianChain technology can provide E&P companies with ongoing input and feedback that could enhance the efficiency of a project and make it easier to attract investment. These efficient digital frameworks solve asset owner communication, strengthen investor relations and optimize cash-flows.

Conserve

A great deal of the natural gas that is produced during the drilling process is seen as a by-product and simply flared off. Despite being regulated against in some jurisdictions because it is perceived to be both wasteful and environmentally damaging, it is common practice for many projects around the world.

PermianChain offers a way to turn excess, stranded or otherwise wasted natural gas into a revenue generating asset, delivering higher returns for a project without significant extra investment.

Convert

The natural gas that has been converted into power can be used to support revenue generating onsite IT infrastructure. We can guide upstream companies through the process of realising this additional revenue.

Once in place, this infrastructure, which is about the size of a shipping container and can be placed conveniently and unobtrusively anywhere on site, can be used to support the internet, data analysis and other technical processes and provide an additional revenue source for drilling campaigns.

Capitalize

Our team understands the entire spectrum of energy and power processes around the world and can help E&P companies potentially access new sources of capital by adopting our technology with registered EMDs, digital asset brokers and authorized placement agents.

We have designed the PermianChain platform to help structure and distribute digital securities for improved liquidity and cash-flow. Our digital platform includes a natural gas marketplace that enables E&P companies to sell field generated energy to third-party data centre operators to power onsite, remote data mining activities.

Despite the prominence of oil and gas over the last few years, several aspects of the way that it works have come under scrutiny. Technology offers several ways to augment current working practices and provide an answer to some of the questions being asked. Overall, we believe that the approach that we have developed will help the oil and gas sector shake off many of the inefficiencies that have dogged it over the last few years.

PermianChain Technologies is a pioneer member of the Blockchain Research Institute and a start-up member of the Petroleum Technology Alliance Canada. PermianChain is investigating ways to harness the power of blockchain technology, data science and artificial intelligence to digitize, tokenize and monetize proven but undeveloped natural resources, starting with oil and gas. The PermianChain, which already has secured oil and gas reserves to be listed on its platform, intends to unlock liquidity to revolutionise the way that oil and gas reserves are funded, produced, bought and sold on a permissioned-access blockchain. The firm is currently in the process of applying to for its regulated digital securities trading and investment platform.