Increased awareness and legal enforcement of the oil and gas industry’s environmental responsibilities are creating a commensurate need for effective and efficient technologies that help the industry clean the waste products their activities invariably generate.
With their cooperation, Saudi Arabian Oil Company is moving the OILDEX Coin and contracts of many of the world’s largest companies, government departments and organisations that specialize in the Oil Drilling sectors of the Saudi Arabian Oil Company onto the block chain. Using bespoke smart contract GUI’s that conform to the current layouts on the Saudi Arabian Oil Company platform we will make this process more time and cost effective and move this process closer to worldwide compliance and a cleaner world.
The OILDEX Coin (OEX) is designed to be the medium of transaction within a smart contract between the Saudi Arabian Oil Company itself and all the Oil drilling management and Refineries service providers. OILDEX Coin will be supported by major companies and organizations with years of experience in providing full services in oil drilling, solids control and complete ‘backyard’ solutions to required post drilling environmental protection regulations worldwide.
Drill management/solids control/‘backyard’ solutions includes pumping fluid, ‘mud,’ into the well hole to stabilize pressure, reduce friction and to remove drill cuttings. Once topside, the drill cuttings go through a three-stage environmental process to separate the cuttings into Oil Refining including removing any naturally occurring radioactive material (NORM) through thermal desorption.
Any residual petrochemicals, up to 25%, are returned to the oil company as part of an Saudi Arabian Oil Company smart contract. Any remaining Oil and Gas are recycled and, also through an Saudi Arabian Oil Company smart contract, can be used in both private and government construction projects.