CYPRESS, Texas, June 11, 2021 / PRNewswire / – Beyond Oil ™ is proud to announce the launch of the revolutionary tokenization platform – The Solar Oil Project.
The technology platform is said to be the largest tokenized raw material production and exchange mechanism in the world. The platform supports local oil well operators in using innovative technology solutions that drastically reduce the carbon footprint of oil production and at the same time recycle old, abandoned or unused oil wells.
This program for the “recycling of oil wells” achieves several goals from an economic and ecological point of view:
- Reduce production costs and maintenance by almost 60%
- Significantly reduce CO2 production intensity (up to 90%!)
- Eliminate the need for new oil well drilling
- Recycle and rehabilitate old oil wells well
- Eliminate the environmental hazard of chemical leaks from abandoned oil wells
For more information, see https://solaroil.io
The trillion dollar problem
In the southern United States alone, over 100,000 low volume oil wells are either abandoned or not used. These wells can quickly become an environmental hazard and cost nearly a trillion dollars to remediate across the country North America. The current estimate for the state cleanup only Texas alone is over $ 117 billion.
What SOP does differently
SOP offers operators and owners the technology and know-how to replace the old equipment with solar powered pumps that are economical, efficient and automated. This gives the wells a breath of fresh air for profitable production. This is particularly effective for the drilling sites that are older and have minimal profit margins with traditional technologies.
How the process works
After review by members of the Solar Oil team, selected well locations will be equipped with environmentally friendly pneumatic pumps, solar panels (if applicable), air compressors and remote monitoring capabilities. The combination of these technologies results in a modern production mechanism that brings these abandoned wells back into active production.
To see more, visit https://solaroil.io/due-diligence
Tokenized rewards and eligibility requirements
Perhaps the most attractive part of the project is that it encourages the participation of all interested users. Anyone can create a free account on the SOP website (solaroil.io) and buy the Solar Oil Access Token (SOAX). This non-speculative utility token gives users access to the platform where they can assign the access tokens for working at selected oil well locations. The proceeds from the token sales will then be used to update the wells in the selected portfolios.
In return, users who participate in this way receive part of the oil production in the form of the SOPX token – The Solar Oil Production Token. The SOPX distribution is related to how many access tokens a user allocates to the oil portfolio. The SOPX rewards can then be traded on the Commodity Exchange for other commodities, currencies or crypto assets.
This elegant solution allows for an equitable distribution of the rewards for all users, contributing to the protection of the environment and at the same time leading to profitable energy resource production.
SOURCE solar oil