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Oil and Gas Supply Chain (OILSC), with a maximum of only 180 million coins ever in circulation, will be an integral part of the US$ 5.08 billion global drilling waste management market by moving the contracts and supply chains of the world’s largest oil and gas waste disposal companies, organizations and government agencies, onto the blockchain.
The OILSC coins will reduce the cost and increase the efficiency and transparency of transactions between oil companies and drill waste management service providers via bespoke smart contracts.
Increased awareness and legal enforcement of the oil and gas industry’s environmental responsibility is creating a commensurate need for effective and efficient technologies that help the industry better clean the waste products their activities invariably generate.
Using bespoke smart contract GUI’s that conform to the current layouts on our platform, OILSC will make this process more time and cost effective and move it closer to worldwide compliance and a cleaner world.
Several major energy firms are already partnering on a new blockchain-based trading platform. BP, Shell and Statoil are backing the platform which represents the latest application of the tech to the energy space. The consortium of firms built around the platform also includes ING, ABN Amro and
Societe Generale, as well as trading firms, Gunvor, Koch Supply & Trading, and Mercuria.
(SOURCE Commodity Trading Consortium)
The Oil & Gas Supply Chain platform is currently in it's early stage development. Please click here to view progress.
The average onshore oil well produces ten times the volume of water as oil, all day, and every day. In fact, the cost of dealing with this ‘produced water’ is the primary cost of operating an oil or gas well. Moving, treating and disposing of the water is half to two-thirds of the total cost of producing each barrel of oil...Read More
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Rapid technological developments are improving the drilling, production capability, exploration and production activities in the deep-water and ultra-deep-water areas across the globe. These factors are also boosting the drilling waste management market.
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 the high cost of treatment.
The current increase in energy demand is creating a rise in oil and gas exploration and drilling activities from such regions as North America and the Middle East. This increase is causing a surge in drilling mud and cuttings waste and it is therefore very important to have suitable waste management applications for drilling purposes and safeguarding the environment. This increase in production and exploration activities provides opportunities in drilling waste management.
Drilling waste management contains three types of processes: solids control, containment and handling, and treatment and disposal. The market is further segmented by application and type of service and is again divided by onshore and offshore. The onshore application market occupies the major share of the application segment and is expected to grow at a steady rate.
The Oil and Gas Supply Chain token is designed to be the medium of transaction within a smart contract between the oil and gas companies themselves and all the drill management and waste disposal service providers. OILSC token is supported by major companies and organizations with years of experience in providing full service drilling waste management, solids control and complete ‘backyard’ solutions to required post drilling environmental protection regulations worldwide. These companies and organizations are the base from which OILSC will be transacted.
The average onshore oil well produces ten times the volume of water as oil, all day, and every day. In fact, the cost of dealing with this ‘produced water’ is the primary cost of operating an oil or gas well. Moving, treating and disposing of the water is half to two-thirds of the total cost of producing each barrel of oil.
While all energy production requires water as an input, the industry is a net generator of surface water. By tapping into prehistoric water that has been trapped for eons below impermeable rock, the production process generates water without depleting groundwater stocks—something no other industry does.
In California, USA, the production process produces 1,000 times more water than the energy industry uses. Most of this water goes right back down the well for enhanced oil recovery. But it doesn’t have to – it could be treated and reused on the surface. We are not the only ones to notice this. At the Global Water Summit in Abu Dhabi, the Executive Editor of The Economist, David Franklin, said that the world’s largest company in 2050 could be “ExxonHydro.”
Oil and Gas Supply Chain can implement smart contracts on its platform; an efficient water marketplace is going to lead to more recycling, more conservation, and more investments into water treatment technologies. Not limited to the energy sector, a marketplace model has the potential to improve sustainability for every major off-grid user including agriculture and industry. With an effective system in place, all kinds of water, not just freshwater, can be appropriately valued, traded, and put to its best use.
This will allow Oil and Gas Supply Chain great opportunities to scale into other industries.