- Production ramp-up using Petroteq’s proprietary oil extraction technology generates interest in national media
- Company preparing to produce 1,000 barrels of oil per day with 8,000 bpd target set in two years as proof of technology concept
- Petroteq exploring licensing agreements and joint ventures, as well as expansion of its blockchain application
A buzz-worthy oil extraction operation in the bitumen-rich desert of northeastern Utah continues to build toward full-scale operation as energy industry insiders watch with growing interest to see if the mining technology developed by Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) will yield the anticipated benefits that it envisions.
“We have a very disruptive technology,” Petroteq CEO David Sealock told the New York Times in a recent report (http://nnw.fm/fO9X4). “There was a treasure chest here that didn’t have a key, and this technology is the key.”
Petroteq has spent the past two months ramping up anticipation for its environmentally friendly, proprietary process of removing fuel crude from oil sands at its leased 2,541-acre Asphalt Ridge operation. Despite historical failures elsewhere by corporations intent on mining oil sands in a commercially feasible way, Petroteq’s closed-loop system promises to produce Asphalt Ridge’s expected 87.5 million barrel yield inexpensively and without contaminating local ground and water resources.
The company utilizes a process of crushing oil-rich rocks and applying a “benign” proprietary solvent mixture to withdraw the fuel from the crushed rock before transporting it to Salt Lake City refineries 150 miles away. The “cleaned” rock is returned to the ground and the solvent mixture is recycled for new batches of rock extraction, the Times reported.
Petroteq recently announced the completion of continuity testing as part of its plan to begin extracting 1,000 barrels of oil per day during the third quarter of this year, which it expects to quickly increase to 8,000 barrels per day by late 2020 or early 2021 (http://nnw.fm/8tg4Y). The Times notes that such volume is a trifle in the global 100 million barrel-a-day market, but the company’s extraction technology is where the real potential lies and the Asphalt Ridge operation is designed as a proof of concept.
The company is in talks with companies in Australia, Colombia, Venezuela and Trinidad and Tobago about joint ventures or licensing agreements involving the technology. The company also has a joint venture with Recruiter.com and Oilprice.com that attempts to improve industry job placement and other career services, and it is involved in potentially looking for other heavy oil reserves throughout the United States.
The buildup to full production at the Utah site has been slowed by a few “hiccups,” the Times notes. “There have been logistical, electrical and mechanical challenges and glitches during equipment testing”, the report states.
Still, the work is moving forward, and Petroteq recently announced that it is advancing its blockchain initiative as well in hopes of improving transparency and effectiveness in the industrial supply chain. MetzOhanian, a software engineering firm in Austin, Texas, will help develop applications for the company’s PetroBLOQ platform. The platform is being used by Petroteq to enhance its operational efficiency, reduce its administrative costs and provide support to departmental systems, but it has potential marketability to other industry players as well, especially when it comes to cleaning up sites previously contaminated through other companies’ efforts to mine oil sands.
“The potential for PetroBLOQ’s blockchain principles to create a technology consortia’s [tool] for remediation, and reclamation projects is equally as compelling. We anticipate that as interest grows in leveraging Petroteq’s proprietary technology for surface oil sands mining, the remediation and cleaning of contaminated sites and oil waste reclamation will come to the forefront,” Sealock stated in a news release.
The company has filed an application to uplist to the Nasdaq stock exchange.
For more information, visit the company’s website at www.Petroteq.energy
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