REVOIL is the first project in oil industry that will combine the most innovative technologies in environmentally conscious hydrocarbons production and blockchain implementation with a high degree of transparency in all business operations.
Some analysts believe that oil business has lost its relevance in the 21st century. However, studies done by leading consulting companies suggest the demand for oil will grow until 2030, despite the recent market frenzy for electric vehicles. The reason for this forecast becomes evident when considering the rapid growth of emerging Asian economies.
Based on our calculations we are confident that oil production can not only be efficient, but also environmentally friendly. With this goal in mind Konstantin Schekoldin, a REVOIL community founder, developed an innovative technology called AirVento TGT (utilizing thermogas with oxygen injection) for deposit development. The uniqueness of AirVento TGT lies in the increased oil recovery factor when developing shale deposits. Application of this technology allows extracting up to 40–50% of the geologically explored reserves, whereas hydraulic fracturing technology accounts for only 10–15%. This technology makes extraction highly efficient and affordable, which ensures high profit margins even at the lowest oil prices.
AirVento TGT has already been tested on deposits of the Bazhenov Foundation, located in Western Siberia, where successfully demonstrated its environmental soundness. By virtue of applying a simple air solution, REVOIL method of oil extraction produce excellent results with minimal effects on the surrounding environment, especially when compared to extraction via water and chemical reagents used in conventional hydraulic fracking.
Most of the community resources will be allocated to creating infrastructure, developing the field and obtaining licenses. According to REVOIL research, currently more than 50% of the explored HTR (hard-to-recover) oil reserves in Russia do not belong to any major international developers. The latter are not interested in HTR reserves as long as there is opportunity to extract “easily recoverable” oil with mainstream technology.
Launching a project related to field development is a labor-intensive task, so our core team includes experts in the field of oil production with years of experience at ConocoPhillips, Statoil, Total, Lukoil and Rosneft. In total, the project participants have published 500+ scientific papers and obtained 4 Ph.D.’s and 2 Doctor of Science.
All REVOIL oil fields will be equipped with sensors to record production rates. These sensors connect to a smart contract that records all of the results in the blockchain. After physical oil production begins, the registered production volume increase will be recalculated by a smart contract in OilToken, which is accrued as a bonus to members who placed tokens for storage and took part in actively developing the community.
Tokens give the owner a claim on a portion of the extracted oil. 1 barrel for 1 OilToken. Thus, REVOIL becomes the first oil community where you can become a real oil tycoon.
