Topic: OILSC.IO REVIEW (Read 144 times)

Coins ever released: 180 million

Mission: 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 global drilling waste management market is worth US$ 5.08 billion.

Why: As they 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, OILSC coins will become the preferred industry standard medium of exchange, thereby driving the value of OILSC coins upward.

Cost: The ICO sale price is 3,850 tokens for 1 ETH, the minimum contribution is 0.1 ETH (385 tokens). All contributions of 3 ETH will receive a 25% extra allocation and all contributions of 5ETH or more will receive a further 40% allocation.

130 million will be offered in the 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.


With co-operation from many of the world’s largest companies, governments and organizations that specialize in oil and gas waste disposal, we are moving their supply chains and contracts onto the blockchain. 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.

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 Oil & Gas Supply Chain platform is currently in it's early stage development. Please click here to view progress.

Roadmap :

The project started in 2016 with an agreement signed in Q4 with major Oil and Gas waste disposal companies worldwide.

Q1-Q3 2017 :: smart contracts defined/agreement signed with participants. OILSC token and smart contracts produced for token sale.

Q4 :: MOU signed with blockchain specialist company SIMFORM to develop the App/ Platform/ GUI


David Clark :: Head of Development

His background is in IT having previously ran a computer business in the late 1980. Sold the company and moved to Asia in 1990 where he got involved in the Oil/Gas and Mining Industry.

He is also a Managing Partner at easycoin (EZY), company owned by Simon Yearron.

For the last 2 years David is working for DCDC, which deals with drill waste management supplies, and servicing for offshore/onshore drilling rigs in UAE, Asia Pacific, Saudi Arabia.

Also he is a long time partner of Simon Yearon, since 2010 at Haven Associates LTD (company owned by Simon).

I believe that David is not risk adverse and managed to capitalize on the rise of computer era, and then liquidated in 1990 and moved to Indonesia, which has the largest economy in Southeast Asia and is one of the emerging market economies of the world.

He has a good eye for emerging markets/technologies, blockchain being one of them. Whether he will prove to be successful remains to see but an overall positive feedback.

Linkedin Profile https://www.linkedin.com/in/david-clark-1483861a/

Jignesh Solanki :: Concept Development

Leading the Practice Head - Product Engineering (Mobility, Cloud, IoT) team at Simform Mobility for the last 2 years. Strong background in new business development, product marketing and sales in industries ranging from Oil & Gas, Utilities, Retail, Services, Energy, Pharmaceuticals, Financial Services, Federal clients, and Communications.

Linkedin Profile : https://www.linkedin.com/in/solankijignesh/

Parikshit Joshi :: BLockchain Developer

5 years leading Simform Solution Mobility, Internet of Things (IoT) and Business Intelligence consulting services team. He is in charge of design proposal, architecture, frameworks, proof of concepts and manages the technical and delivery team.

Linkedin Profile https://www.linkedin.com/in/parikshitjoshi1/

Purvak Pathak :: Blockchain Developer

6+ years of experience in defining and delivering complicated products and solutions with deep technical expertise in Mobility, IoT, Cloud, web based technologies and experience in Food & Beverages, Manufacturing, Oil and Gas, Retail, Transportation, Financial, and Communication/Media/ Entertainment industry

Linkedin profile https://www.linkedin.com/in/purvak-pathak-a29310126/

Twitter Profile https://twitter.com/purvak_pathak

The development team is basically outsourced to SIMFORM Solution Mobility, which is a global technology services company, helping enterprises worldwide with mobility, cloud, business analytics and IoT.

Given that they work on a consultancy basis is great as they will probably move on with the project and hopefully will gain some traction. Bear in mind that SIMFORM are going to cash in regardless if the project is going to be a success or not although the incentive is there.

Below you can find some Simform reviews. Looks like the team can put out good software with a pleasing design. The company has also good reviews on glassdoor and the people working there are generally pleased with the company.

https://clutch.co/profile/simform


PETER NUTTALL – Oil and Gas Compliance

No information apart from the website. 40 years of experience in oil and gas. Probably working as consultant.

ROGER MYERS – Waste management

No other information found except website. He brings to the table 30+ years of experience in the environmental and engineering services for the oil and gas industry.

Ronald Hessler :: OIL AND GAS

Mr. Roland has a good tracking record, with a 30+ years experience dealing in the oil and gas industry. Based in Indonesia. His LinkedIn profile speaks for itself.

Linkedin Profile: https://www.linkedin.com/in/ronaldhesler/

Bryan Thompson :: Engineering

Brian has been working alongside Simon and David at Haven associates for the last 7 years. He has a background in mechanical engineering, bringing to the table 45 years of experience in the engineering industry.

Linkedin Profile : https://www.linkedin.com/in/bryan-thompson-0306721b/


Nova Dien – very good background in marketing and customer relationship. Won multiple awards and worked for top companies such as Microsoft, Oracle etc.

Linkedin Profile : https://www.linkedin.com/in/novadien/

Simon Yearron – He is the director behind OILSC as well as running other companies based in Indonesia:

*HAVEN ASSOCIATES (UK) LTD : incorporated 28/10/2013

*HAVEN DISTRIBUTION GROUP LTD : incorporated 19/08/2016

*EASYCOIN LTD : incorporated 29/08/2017

All the companies are registered in Seychelles, operating a virtual office in London.

Simon Linkedin : https://www.linkedin.com/in/syearron/

Link to Haven Associates for cross-reference http://www.haven-associates.com/

Link to Haven Distribution Group : http://www.haven-distribution.com/

Mr David Henderson – again working for Haven Associates in Indonesia. Degree in economic with major in marketing , living in Indonesia. He has bee involved with the marketing strategy of a number of businesses in Asia.

To sum it up : The core team is based in Indonesia with a virtual office in London and outsourcing all development to SIMFORM. Their descriptions on OILSC.io are matching with those on haven-associates.com

The people are real, the experience and industry background is there. I believe this is an opportunity. If they take your money and run at least you know where to find them. Hint: neither in UK nor Seychelles.


Why would the companies use your tokens/smart contracts to clear contracts?

With the globalization of trade there is increasing complexity and lack of transparency in supply chains. This increases the amount of information asymmetry – such that information is unevenly distributed among participating stakeholders within a supply chain. When these stakeholders have misaligned incentives, there is no incentive to provide information, which contributes further to information asymmetry. As a result, end buyers of products have no economical way of authenticating what they are purchasing, which creates ideal conditions for moral hazard and fraudulent behaviour.

How two or more companies would operate these contracts?

The companies will have to provide a set of pre-defined/ commonly agreed information data, which will be standardized and vetted on the OILSC protocol. The protocol will perform a consensus check that verifies there are no discrepancies between data provided by different stakeholders.

A smart contract will be pre-defined and all interested parties can see the terms of the agreement. Certain expectations have to be met, when the signatories meet those expectations, the contracts can be fulfilled.

OILSC protocol can be applied in other industries

Moving the water H2O sector on the blockchain:

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.

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.


I would urge everyone to read on theirs terms and conditions.

Actually let me rephrase this, read the terms and conditions of any project that you are looking to invest into.

OILSC Tokens are utility tokens; the value of the OILSC Tokens is not tied to the performance of OILSC Technologies (the Company). Management of the Company understands that the OILSC Token is not a security and is therefore not generally regulated securities agencies. However, the Company does not claim to know the laws of the specific jurisdiction in which a contributor is domiciled. It is the responsibility of the contributor to know and understand the laws to which it is subject.

Oil and Gas Supply Chain supports many different blockchain implementations. The current version of Oil and Gas Supply Chain utilizes Ethereum blockchain to provide proof of concept and initial implementation. The fully developed solution will provide interfaces to many different blockchains.

Another point to take into consideration is that Oil and Gas Supply Chain uses a blockchain layer which presents an independent system and thus adds additional cost depending on the chosen underlying blockchain for some Oil and Gas Supply Chain functionalities.

In case of Ethereum being the underlying blockchain, this means that a small amount of Gas (Ether) is also needed to store the necessary hashes on Ethereum for storage operations.


I like what I’m seeing in the whitepaper regarding the moving of oil and suppliers contracts on the blockchain. I don’t have a background in oil and gas so I am not familiar with the industry unfortunately. Also I’m not sure how open this area is for innovation but I guess since we are talking about private companies and if this project can save them time and money I believe it could have some success.

It is also important to acknowledge the fact that there are other projects who are trying to move the supply chain contracts on the blockchain, apparently backed by huge corporations.

OILSC is targeting the sector dealing with the waste produced after the extraction of oil and gas, which could be considered as a niche in the entire OIL& GAS industry.

However if one of the other projects gain more popularity I don’t see it hard to build something aimed at the waste management contracts, so please keep in mind that there is a risk that a competitor might come along at a later stage.