- Solvent mixing process extracts bitumen without creating greenhouse gases, wastes
- Petroteq to begin commercial production this year as it ramps up output
- Company’s Utah lease believed to hold 86 million barrels of extractable oil
The commercial exploration and extraction of petroleum distillates to feed the world’s fuel needs has been a vital industry for some 160 years, and it shows no sign of abating “anytime soon,” according to Raymond Gerald Bailey, president of Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF), the developer of patented technologies that facilitate the environmentally friendly extraction and processing of oil.
Petroteq’s proprietary extraction process uses solvents to produce zero greenhouse gas, zero waste and no high temperatures, unlike existing processes in use by other companies that leave vast tailing ponds that take years for land reclamation, according to the company’s website (www.Petroteq.energy). As world governments drive demand for an increase in electric vehicle production to combat global pollution, Petroteq’s concern for the ecosystem creates a rollout-ready solution.
Last year, researchers at the Freedonia Group predicted that the North American consumer market for asphalt bitumen would continue to expand in conjunction with road maintenance needs throughout the United States and neighboring countries through 2021 (http://nnw.fm/6oQ3u). Petroteq has been testing its extraction process to boost North American production on a bituminous mineral lease that covers more than 3,000 acres in Utah since 2015. The U.S. Department of Energy estimates that there are more than a trillion barrels of oil locked in desert sand and shale formation in the state and neighboring Colorado and Wyoming.
Petroteq believes that its lease contains an oil sands resource base of approximately 86 million barrels of oil equivalent that can be extracted. The company recently expanded the production capacity of its Asphalt Ridge plant in Utah by 400 percent, from 250 to 1,000 barrels per day, and it has set a goal of 5,000 barrels of oil per day by next year as it ramps up commercial production. Utah contains approximately 55 percent of the total oil sands deposits in America, and the company plans to begin construction of a new plant in the state next year on its Temple Mountain lease.
The company’s patented technology utilizes a process of mixing oil sands in a bin with a solvent solution before transporting the mixture to a mill. At the mill, the ore mixture is crushed to make the oil disperse better in the solvent. It is then shaken before the fluid is then pumped out to where the mixture’s solids can be removed. The remaining fluid is then pumped out to be distilled through a heat process that separates the solvent from the oil. The oil is then stored in tanks while the evaporated solvent is reclaimed for use once again in the mixture bin.
The company is developing a proprietary PetroBLOQ supply chain management technology based on the blockchain platform, through a collaboration with First Bitcoin Capital Corp., to improve record keeping and the security of its transactional processes. While PetroBLOQ is being designed to improve cost efficiency and time management for the company, it will ultimately be usable for expansion projects or other smart contract clients in the oil and gas industry.
Petroteq also has a joint venture with Recruiter.com and Oilprice.com to provide job placement and industry career services for the increasingly specialized energy sector, and the company has a minority stake in an exploration and production project for heavy oil reserves in southwest Texas through Accord GR Energy Inc.
For more information, visit the company’s website at www.Petroteq.energy
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