Power Team and Wellsite Form Strategic Partnership to Deliver Crudecoin Blockchain Technology in Middle East

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Wellsite today announced a strategic partnership agreement with Power Team Company LLC to deliver its Crudecoin blockchain technology to exploration and production companies in the Middle East region. Power Team signed the agreement with Wellsite as part of the Kingdom’s Industry 4.0 digital industrial transformation, in line with the Saudi Vision 2030.

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The government of Saudi Arabia has placed emphasis on promoting further a strategic initiative for its Industry 4.0 initiative, which is focused on automation and data exchange in manufacturing technologies, automation, digitization, and cyber security.

The agreement was signed by Khulgan Al-Barry, Co-Founder and Chairman of Power Team Company LLC, and Wellsite Chief Executive Officer Chris Ely. “Power Team has entered this agreement to offer new and innovative ways for upstream energy companies to manage operations using Wellsite’s distributed blockchain technologies,” Al-Barry said. “The government of Saudi Arabia has placed emphasis on promoting further a strategic initiative for its Industry 4.0 initiative, which is focused on automation and data exchange in manufacturing technologies, automation, digitization, and cyber security.”

“Blockchain technology will enable operators to solve some of the biggest problems facing the industry today: speed, trust, and cost. By fully embracing blockchain and token technologies, Wellsite has positioned the company as a leader in changing how the oil and gas industry operates its business. Making Wellsite’s tools blockchain enabled and completely decentralized gives our customers options for managing their business they’ve never had before,” Ely said.

Al-Barry will also join Wellsite’s advisory board to support its Crudecoin blockchain project.

About Power Team Company

Headquartered in Saudi Arabia, PTC is a provider of a broad range of products and services to the upstream, midstream, and downstream sectors of the worldwide oil and gas industry, including oil and gas equipment, logistics support, security equipment and monitoring services, fire and rescue services, and information and communications technology.

About Wellsite

Founded in 2015, Wellsite is an industry network and collaboration platform for the upstream oil and gas industry. Wellsite connects oil and gas professionals and empowers companies with a wide array of advanced, powerful, and easy-to-use tools—based on transformative technologies like cloud, artificial intelligence, and blockchain.

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Chris Ely
Wellsite
+1 5124000020
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