ODMCoin - The first ICO in the oil and gas sector

The resource based economy is often opposed to innovation. But as shown by the interesting Russian experience there is a place in the oil and gas market for modern technologies. Waste is formed in the process...

The resource based economy is often opposed to innovation. But as shown by the interesting Russian experience there is a place in the oil and gas market for modern technologies.

Waste is formed in the process of the extraction of hydrocarbon raw materials, which consists of oil products, soil, and water. Such waste is called drill sludge. Previously it was simply stored in special slurry barns because recycling requires investments and is not as profitable as mining. But the amount of waste is growing and this is becoming an increasingly serious problem which requires a systemic solution.

ODMCoin intends to profit on processing oil sludge (Oil Drilling Mud) into building materials, electricity, and fuel. It plans to provide processing services for major players in the field of oil production. The company will combine the application of a unique mud cleaning system, SR-3, and decentralized financing using blockchain technology.

The company released ODMcoin tokens and has already successfully conducted pre-ICO, raising $200,000 for development. In October, an official ICO will be held. Decentralized investment will ensure the company's independence from regulation by the Russian state. The estimated yield is estimated at 5.5%. Reverse purchase will be possible in 8 months. In the event of an IPO, investors will be able to exchange ODMCoin options for the company's shares.

The business plan of the company consists of two stages. First they intend to produce two SR-3 units and test them at Rosneft fields. Then ODMCoin will be released for planned production - at least 20 pieces per month.

As of today, the processing of one ton of oil sludge is estimated at $132. When it begins on an industrial scale the company plans to process up to 15,000,000 tons per year and receiving more than $600,000,000 in return.