Solar Oil is a new crypto powered program launched by Beyond Oil; a company that focuses on the rehabilitation of oil assets, and the transformation of the energy sector. Solar Oil is a one-of-a-kind project that allows tokenized commodity production and a crypto exchange mechanism.
Firstly, the project was launched specially after crypto currency faced a ton of criticism for its energy use; and was labeled as harmful for the environment. According to Beyond Oil, the Solar Oil programs represents a gear shift for crypto and represents a step in the right direction for energy production.
Secondly, the project intends to help in lowering the emissions of upstream assets; also, reducing their overall environmental hazard, while allowing a crypto currency exchange method.
Thirdly, the program offers well rehabilitation and recycling; especially those that are no longer in use. Some of the benefits of the program are the reducing of costs in maintenance by 60%; also, great reduction of carbon intensity, in almost 90%; the elimination of new oil well drilling.
Moreover, the project uses a Blockchain network to distribute tokenized oil production; via ERC-20 token rewards to the users. According to the statement, it uses one of the latest oil extraction technologies, the “Air Lift Technology”; which also helps to eliminate soil pollutants.
In addition, the project has a trillion-dollar potential; as in the Southern U.S. alone, over a 100,000 of low-volume oil wells are abandoned or underutilized. These assets can quickly become an ecological hazard and cost close to a Trillion Dollars in clean up across North America.
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Solar Oil with a trillion dollar opportunity
In fact, the current estimate for just the cleanup in the US state of Texas alone comes in at over $117 Billion USD. Therefore, the program helps in the rehabilitation of these assets, by replacing old equipment with solar-powered pumps that are economically viable, efficient, and automated.
Consequently, the wells enter again into profitable production; this method would be particularly effective for the well sites that are older and have minimal profit margins with traditional technologies.
Furthermore, with the combination of solar panels, pneumatic pumps; also, air compressors, and remote monitoring capabilities, results in a modern production mechanism that brings these abandoned wells back into active production.
On the other hand, the Solar Oil project offers a Solar Oil Access Token; which is a non-speculative utility token that gives the user access to the platform; where they also can assign the access tokens towards the work on selected oil well sites. The revenue generated from the token sales will update the wells in the selected portfolios.
Finally, in return, users who participate in the project receive a portion of the oil production achieved; in the form of the SOPX token; which is exchangeable for other commodities, currencies, or crypto assets.