The first industrial project based on the blockchain platform was introduced to Nizhnevartovsk oil companies
Drilling mud, also called drilling fluid, is an essential component of the drilling process. Drilling mud aids in the process of drilling a borehole into the earth. Such wells are drilled for oil and gas extraction, core sampling and a variety of other purposes. When the drilling process is finished, the drilling waste must be disposed of in some way. Oil pits at the well site are very common, but they are not good to store waste that contains high concentrations of oil and industrial chemicals. ODMCoin project suggests the technology that lets convert almost all kinds of waste into products and materials with the demand in the immediate vicinity of their place of production.
“This system consists of three major components. They are: UBSH 1.5 Complex, Alfa 9 Complex, and Alfa T Complex. Alfa 9 Complex is designed to clean water as up to 60% of oil drilling mud can consist of toxic water. Alfa T Complex is used to process liquid and solid carbonaceous production waste into chemically pure hydrocarbons of gasoline and diesel fractions. And, finally, UBSH 1.5 Complex processes waste into building material of the 5th rate for roads." - said Alexander Sinkevicius.
According to him, the main innovative approach is a waste-free cycle that includes both well construction and operation.
It is worth noting that the company raises funds for the project with the help of cutting-edge financial instruments in cryptoworld. The company issued its own tokens and launched preICO (prior token sale) to determine the demand for the technology and see the interest of investors. They succeeded having raised $200 000 during PreICO. ICO starts on December 1, 2017 and will last until December 31, 2017. The soft cap is $1.4 million that will let manufacture the complexes and start pilot tests in the fields of Western Siberia.
The round table discussion dedicated to "Innovative technologies and equipment for mature fields" was held on the 15th of November during the exhibition "Nizhnevartovsk. Oil. Gas-2017". It is traditionally attended by the representatives of Samotlorneftegaz, JSC, Varyoganneftegaz, JSC, Varieganneft, LLC, their contractors and equipment suppliers. The Managers of the companies confirmed the demand for the technology to process oil drilling mud and wished ODMCoin project success in holding the ICO and pilot testing.