One of the world’s largest and most important, the oil and gas industry must constantly innovate the technology used in its production processes. Subsequently, innovation is also required in the support services it utilizes to maintain high levels of quality and efficiency.
As part of that innovation, the Oil and Gas Supply Chain (OILSC) is moving the supply chains and contracts of many of the world’s largest companies, government departments and organisations that specialize in oil and gas industry waste disposal, onto the block chain. Using bespoke smart contract GUI’s that conform to the current layouts on the OILSC platform, we will make oil and gas waste disposal more time/cost effective and move the process closer to worldwide compliance and a cleaner world.
The global drilling waste management market is estimated to have been US$ 3.80 billion in 2016 and is projected to reach US$ 5.08 billion by 2020 (at a CAGR of 6.0%) due to stricter waste management regulations and higher cost of treatment.
The OILSC token is designed to be the medium of transaction within a smart contract between an oil and gas company itself and all the drill management and waste disposal service providers. OILSC tokens will be supported by major companies and organizations with years of experience providing full drilling waste management services, solids control and complete ‘backyard’ solutions to required post drilling environmental protection regulations worldwide.
Drill management/solids control/backyard solutions include pumping fluid, ‘mud,’ into a well hole to stabilize pressure, reduce friction and remove drill cuttings. Once topside, the drill cuttings go through a three-stage environmental process to separate the cuttings into manageable waste including removing any naturally occurring radioactive material (NORM) through thermal desorption.
Any residual petrochemicals, up to 20%, are returned to the oil company as part of an OILSC smart contract. Any remaining solid waste is recycled and, also through an OILSC smart contract, can be used in both the private and government building of asphalt roads, schools, hospitals and housing. The final element is clean water.
This process is well established with blue chip oil and gas operators in compliance with required international health, safety and environmental standards.
Due to the nature of our affiliations/partnerships, the OILSC token, Oil and Gas Supply Chain smart contracts and applications are designed to address the specific issues and challenges within the oil and gas industry. However, we fully believe that these solutions will also be adopted as the standard for many Supply Chain needs worldwide.
The technical details of the OILSC ICO are as follows: 130 million tokens are being offered in the pre-ICO and ICO token sales. 50 million OILSC tokens will be held by Oil and Gas Supply Chain for future expansion and development rewards, marketing, incentives and back office.
The pre-ICO, which began December 7, 2017 (GMT), will last for 14 days. The pre-ICO sale price is 3,850 tokens for 1 ETH, the minimum contribution is 0.1 ETH (385 tokens) and ALL participants in the pre-ICO will receive an additional 50% allocation. All contributions of 5 ETH or more will receive a 100% extra allocation.