Beyond Oil CSO, Hitesh Juneja, Interview in Digital Oil & Gas Podcast
Our CSO, in this video, explains live why the Solar Oil Project represents a step in the right direction 🎯 for energy production, helping to lower emissions and reduce environmental hazards — and it’s all powered by crypto…
What the Solar Oil Project does differently:
- 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 are estimated to be over $500billion in North America.
- SOP token sales are used to fund purchase of new, patented technology to rehabilitate these old wells into profitable, productive sites.
- This new technology drops cost of production by as much as 50% and carbon footprint by over 90%.
- The oil production achieved is tokenized and distributed to the token holders that purchased the SOP tokens to make the project possible. Tokenized oil holdings can be traded on the Commodity Exchange technology platform by users at their convenience.
How Smart Contract Comes 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’, while its value ranges 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.
Token holders 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.
That is how SOP intends to solve the challenges related to oil extraction and production by making sure that every participant gains.
For more Information about SOP, get in touch via https://solaroil.io
About 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, USA