Cypress, TX, June 28, 2021 (GLOBE NEWSWIRE) — Beyond Oil™ has officially launched the Solar Oil Project – the blockchain powered platform that recycles abandoned wells to produce oil while eliminating a trillion dollar ecological nightmare.
What the Solar Oil Project does differently:
- The project partners with local oil Operators and green equipment manufacturers.
- Together, they identify old oil wells that typically produce less than 5 barrels of oil per day.
- These wells often become serious ecological hazards when abandoned and leak toxins into the soil and water table. Current clean up costs for these wells is estimated to be over $500billion dollars in North America.
- With this new technology, cost of production drops by as much as 50% and carbon footprint is reduced by over 90%.
- Expected oil production from this method requires no new drilling, is solar powered, and vastly profitable with expected gross ROI of over 500% over its 10 year term.
The Triangle Operation
SOP is the initial Phase that is pioneered by The Beyond Oil Platform. The platform boosts and modernizes operational efficiencies in antiquated areas. As is with other industry players, SOP eliminates third-party interference allowing direct interaction between the Operators, Manufacturers, and installers.
SOP connects Well owners, Consumers, and Equipment providers thereby forming a triangle form of partnership. It achieves this by incorporating the blockchain technology that operates on a peer-to-peer protocol. The good thing is that all participants are winners in that they all benefit.
See how the Solar Oil Project works behind the scenes to make the vision of Beyond Oil™ a reality: https://solaroil.io/due-diligence
The “SOAX” Token – The Key To The Solar Oil Platform
This is the Key utility token to access SOP. It is a stake-able token that is run on Smart Contract protocol. The wonder token grants the users unlimited viewership of the available Oil Properties on the platform. After viewing, the user can decide to stake the token (SOAX) on the available properties. This triggers several activities in the business world. The Well owners and operators can maximize the staked amount to improve on the infrastructure and installing the latest modern oil extraction equipment and tools. The Oil that is produced is afterward credited to the Token holders who staked on the project or property.
Using The SOAX Token
The token can be purchased on the platform’s website via multiple payment options including other cryptocurrencies, tokens, and fiat options. Being a non-speculative utility token, it has a fixed value of $0.10 and only functions as the mechanism to allow participation in the oil well rehabilitation and subsequent oil production.
Oil produced from these sites is then tokenized and rewarded to users in proportion of their SOAX token holdings. Solar Oil Production Token (SOPX) represents the oil production from the staked properties. This is a token whose value is linked to the Crude Oil Prices Globally and set at 60% of the WTI Crude Oil Price. If WTI retails at $50, the price of SOPX is $30. However, this is based on the redemption price that is offered by SOP and not the price within various exchanges. A barrel that is extracted from the SOP contracted properties, is equated to 1 SOPX. Each day, the oil production BPD or Barrels Per Day is recorded in the Solar Oil Platform translating into the generation of more SOPX Tokens according to individual Staking.
The difference between the SOAX, and SOPX, is that whereas, SOAX can only be purchased from SOP, SOPX Token may eventually be offered or traded on various open exchanges thereby becoming the only open decentralized token that is backed by actual commodity production.
Where Smart Contracts Come In
The smart contract checks each portfolio daily to assess the amount produced. The proceeds are then fed to the SOP network for validation. The expected oil production is measured with a metric called ‘BPM’ or ‘Barrels per Million SOAX Tokens’. The project expects this value to range between 1.5 to 3.5 BPM. This means for every 1,000,000 SOAX staked in the platform, the project expects to produce 1.5 to 3.5 barrels of oil per day. However, the amount is not constant and fluctuates often depending on various factors. The good thing is that the entire process is automated and requires no human intervention. For each barrel, 1 SOPX is created and credited to the stakeholder’s account in proportion to the individual staked amount.
A token holder can sell or hold SOPX Token at the prevailing price and receive BTC or ETH Equivalent. After being sold this way, the tokens are either destroyed or burned to beat market inflation, manipulation, and saturation.
They will be traded at SOP initially, however, with time, they will be able to be traded or exchanged in various exchanges or markets as crypto assets. That is how SOP intends to solve the challenges related to oil extraction and production of oil by making sure that every participant gains.
About Beyond Oil™
Beyond Oil, led by Chief Strategy Officer Hitesh Juneja, aims to transition the energy sector from fossil fuels to more sustainable green energy overtime in a manner that is practical, and does not cause the economic or ecological harm that sudden and forced changes might cause.
17918 Blueridge Shores Dr.
Cypress, TX 77433
CONTACT: Hitesh Juneja Beyond Oil 17918 Blueridge Shores Dr. Cypress, TX 77433 United States [email protected]
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