- Petroteq’s field operations and engineering staff have initiated the commissioning process for its Asphalt Ridge facility
- The EIA warns that, even though production needs are met for the immediate future, more investment in new extraction technologies will be needed to meet rising demand
- Companies like Petroteq are leading the way; the Petroteq clean oil sand extraction technology is green, effective and cost-efficient
- Petroteq is already working on licensing agreements that will allow other entities to utilize CORT for effective oil sand extraction
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) has announced the initiation of commissioning processes and sequences for its Asphalt Ridge facility in Utah, offering the company’s revolutionary technology for the environmentally safe and sustainable extraction of heavy oil and bitumen from oil sands, oil shale deposits and shallow oil deposits (http://nnw.fm/t5Jom). The company will issue a press release once commissioning has been completed and the facility starts processing oil sands ore to achieve sales of oil production at the facility.
An innovator and proprietary technology developer, the Canadian-registered Petroteq is making surface tar oil sands extraction cleaner and more sustainable. The company’s Clean Oil Recovery Technology (CORT) is a proprietary, closed-loop oil recovery system that significantly lowers capital construction and production costs.
Through its process, Petroteq is removing bituminous oil from the sands that are abundant in Utah. The process is so sustainable and clean that the sands left behind after the completion of the oil recovery are suitable for growing produce.
The short-term U.S. oil production output forecast for the years to come suggests growth of 1.2 million bpd in 2019, followed by an increase of one million bpd in 2020, the U.S. Energy Information Administration (EIA) reported (http://nnw.fm/nSnA5). In 2020, the annual production average is on pace to hit 13.2 million bpd.
According to Reuters, the U.S. is already on track to meet the 13 million bpd milestone in the final quarter of 2019 (http://nnw.fm/P1xZa). The shale revolution has turned the U.S. into the world’s biggest oil producer, surpassing Russian and Saudi Arabian output. By 2023, the U.S. will be prepared to export approximately five million bpd of oil, the EIA estimates (http://nnw.fm/ogA9X).
According to the EIA, strong economic growth will drive the demand for oil worldwide, leading to limited supply unless investment in new extraction technologies occurs. Companies like Petroteq are paving the way for cleaner, more efficient and sustainable oil production in the years to come.
CORT has the transformative power to change oil recovery from sand and revolutionize the process. The patented 14-stage process can extract up to 99 percent of crude oil and recycle more than 99 percent of the solvent being used in the process. The technology does not necessitate the use of water, and there are no greenhouse gas emissions. CORT also doesn’t depend on high temperatures, and, upon the completion of the extraction, virtually no waste is left behind.
An innovator and pioneer, Petroteq is also making its technology available to other entities. On July 2, 2019, the company announced its entry into a non-exclusive technology licensing agreement with Valkor LLC, a Texas energy service provider. The agreement grants Valkor non-exclusive usage rights of Petroteq’s oil recovery technology.
This is just the first agreement showing the versatility and attractiveness of CORT. According to an official Petroteq announcement, the technology could be licensed in over 20 countries known for their oil sand resources.
Currently, roll-out discussions for CORT utilization are ongoing in the Middle East, Canada, Africa and South America, Petroteq announced. All innovative CORT features give Petroteq significant growth potential that can be readily capitalized in the coming years.
For more information, visit the company’s website at www.Petroteq.energy
NOTE TO INVESTORS: The latest news and updates relating to PQEFF are available in the company’s newsroom at http://nnw.fm/PQEFF
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