Restoring The Planet With Tockenized DeFi

The SOP is a revolutionary application of tokenized DeFi to address one of the major ecological challenges of our time while providing Oil Commodity backed rewards!


The Problem

Over 100,000 low-volume oil wells are underutilized or outright abandoned in the US alone.

These oil wells become a major ecological danger with leaks and risk of leaching contaminants into water and the surrounding environment. The problem is so severe, that in just the US and Canada alone, taxpayers will have to spend nearly $500 billion cleaning up these wells.


The Cause

Why do these wells get abandoned? Well it's simple economics - these wells are unprofitable to operate as they have old equipment that is inefficient and the cost of repairing or replacing the pumps on these wells unjustifiably high.


The Solution

The Solar Oil project takes over these oil wells in partnership with local independent operators. We replace the antiquated pump jacks with new, solar-powered eco-friendly pumps that are significantly more efficient, automated, and cost effective. This revitalization turns these old abandoned oil wells into productive, profitable locations.


The Process

It all begins with you purchasing our utility access token - SOAX - or Solar Oil Access. Token holders can access the Solar Oil Platform, where we display all the anonymized oil well portfolios and properties that we are working on. You can select which properties you want to help revitalize by Staking your SOPX tokens for a 10 year blockchain based Smart Contract.

Within a few days, we deploy new eco-friendly equipment on these wells and begin generating profitable oil. The oil being produced from these properties is represented by our second token - The SOPX - or Solar Oil Production.


The Rewards

Helping save the Planet is a reward in and of itself. But we understand that it takes a little more than that ;) Each SOPX represents 1 barre.

Each SOPX represents 1 barrel of oil and as the token` holder that helped produce this oil through the Staking Mechanism, you can sell this token based on the current global WTI price of oil. This means you can start developing a portfolio of oil producing properties over time with the Staking mechanism.


The Transparency

The entire process occurs on the blockchain and is enforced via Smart Contracts, allowing you to participate in the most transparent and the most powerful social and economic project undertaken yet!

The Solar Oil Project is a massive undertaking. With hundreds of thousands of these oil wells in existence and the ever increasing need of fixing this problem, we can scale massively over time. Between all the private and public data well sites available, we believe the project will be in existence for decades time to come!



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FAQs and Clarifications

How did this project come about?

Our team members have always been passionate about energy technology and with combined Oil & Gas experience of 70+ years, this was the obvious step. The first prototype pneumatic eco-friendly pumps were installed in 2017 on a series of oil wells to test the viability of this project. Since then, we have made great leaps forward and are now in a position to address this problem at mass scale.

How are my Staking rewards calculated?

It's extremely straightforward and transparent. Inside the Solar Oil Platform, you select from the active well-site portfolios to determine which ones you want to Stake your tokens towards. From the moment you Stake, in 7 to 10 days you will start receiving oil production allocation from these oil wells. Each barrel of oil produced is represented as the SOPX token. Each staking contract is in place for 10 years.

For example, an oil well portfolio has a total of 10m SOAX tokens staked and produces 30 barrels of oil in a day. Let's say you staked 100,000 SOAX tokens. In this case your wallet would receive 0.3 barrels of oil or SOPX tokens.

You can convert the SOPX token to ETH, BTC or TRN at whatever the current global price of oil is minus $18 (USD). So if the current WTI price of oil is $50, then you would receive $32 equivalent. In the above example, where you receive .3 SOPX, that would equate to roughly $9.6 equivalent in ETH/BTC/TRN.

You can use this handy calculator to estimate the average oil production and how much SOPX you would generate based on your staking.

What role does the Solar Oil Project play?

The project is responsible for interfacing with token buyers and for providing a mechanism to distribute the Staking rewards. Solar Oil Project works directly with multiple partner manufacturers, oil well owners, and oil well operators to ensure the project is moving forward properly.

What is the breakdown of use of funds from token sales?

All net token sale proceeds are used towards 4 primary categories:

☑ Acquisition of oil well properties

☑ Manufacturing and purchase of eco friendly pumps

☑ Installation and well preparation

☑ Ancillary equipment and legal

The Solar Oil Project does NOT take or keep any revenue from token sales to prevent any conflict of interest and only generates revenue from the oil production itself.

Why does the Staking contract expire in 10 years?

The oil wells in question do not have infinite life span. To ensure you don't have active staking contracts on oil wells that are under producing, all contracts end at 10 years.

What happens at the end of the 10 years? Can I stake on a different well portfolio?

The smart contract, and the tokens used to stake towards it end at the 10 year point. In technical blockchain terms, the tokens are 'burned' to prevent re-use.

Can I have more than 1 Staking contract at a time?

Absolutely! You can have multiple contracts active at any given point.

Can I change my Staking contract?

No, Staking contracts are permanent so select carefully before purchasing.

How can I redeem my SOPX rewards?

As often as you'd like. The token rewards are yours and the value is tied to global oil prices. You can convert them within our platform or can trade on secondary markets on other exchanges.

This process is 100% automated and is managed via smart contracts with no human intervention so you never need to worry about someone messing with it or being unscrupulous.

How do you keep the data of participants safe?

We are huge privacy rights advocates and believe in the freedom of people to make their own choices (as long as everything is morally and legally defensible).

All information on token holders, oil well owners, manufacturers, installers and operators is 100% anonymized and encrypted. We actually go a step further and make sure that no personal information on any of the participants is available on our servers or the platform.

KYC/KYB data is only collected at the time of redemption of rewards so you can participate without the fear of your information being hacked or leaked.

What are the risks and challenges that the project faces?

There are a few. Price of oil could drop significantly in the future, which would make the SOPX rewards less valuable. The odds of this occurring are extremely low, but it is certainly a possibility.

Oil output from certain wells or well locations could drop. But we have backups in these cases where we can make up the production required with other sites or by requesting the oil well operator to move the pumps and equipment to a different location.

The SOAX tokens are based are $18 less than the WTI Oil Price… Where does $18 under WTI oil price come from?

That's the cost to produce the oil on the local operator. SOP is essentially purchasing oil from local operators of these wells at wti minus $18

The oil wells in question do not have infinite life span so the contract is ten years as per the website…so if an individual cashes in his stake in a year or 2 years how is that portion of the stake made up?

There is no mechanism to 'cash in the stake'. They cash in the oil being produced whenever they want. It doesn't affect the overall production at all.

If reinvigorating abandoned oil wells was so simple, wouldn't oil companies do it?

It's not as simple. Without the new tech and new capital it's cost prohibitive. It has become simple due to this tech that we are partnered with. Also, many oil companies are running large scale well revitalisation programs now.
Larger companies like Shell etc focus on oil wells that produce > 100 barrels of oil per day, they don't work with small stripper wells which is why it's such a good opportunity.

Current oil prices are fairly low and it is said that US oil fields are more expensive to run, is this a sustainable approach?

As long as oil price doesn't drop significantly below $20 and stay there, there is no real concern. The price of oil is a potential risk factor and we don't control it. It has only dropped below $20 twice in 70 years and it was for less than a month.

What are the risks to token asset value if the platform folds?

The Smart contract that issues SOPX lives on the blockchain, not on the platform. So it would continue to issue SOPX as long as it's reporting oil production reports. If and when the SOPX token is listed on major exchanges, then you don't need the platform for the liquidity either, so technically that eliminates most of the risks. Standard risks obviously remain like security etc.

Is there a high margin the platform administrators will be taking to take profits away from investors?

There is no margin taking possible. The oil production results in sopx that goes straight to the user. Admins etc can't mess with that. The production estimates from portfolios are built in. SOP plainly states they make their $ on the oil production and not from the token sale for this reason, to prevent any conflict of interest.
The idea is that the smart contract based tokenization and fixed cost to SOAX + oil price for SOPX makes it so that cheating/mismanagement isn't really possible. Like that things there are some risks, but it is functionally the cleanest way to structure this.