- Petroteq is developing the first-ever environmentally friendly oil sands mining facility
- The company’s Asphalt Ridge facility is located in close proximity to major oil refineries in Utah, giving Petroteq’s heavy oil product great market potential
- Petroteq has 2,541 leased acres and 87.49 million barrels of mineable oil sands and expects to increase its output to 5,000-8,000 barrels of oil per day by late 2020 or early 2021
Focused on operating the first-ever environmentally friendly oil sands mining facility, fully integrated oil and gas company Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF) recently announced that it has finalized continuity testing at its Asphalt Ridge facility in Utah’s Uintah Basin and is making final arrangements for continuous operations and marketing activities (http://nnw.fm/xHq4x).
Petroteq’s focus is on a new proprietary, patented, environmentally safe and sustainable technology for extracting heavy oils from oil sands, oil shale deposits and shallow oil deposits. The company is engaged in developing and implementing its innovative heavy oil processing and extraction technologies, which produce zero greenhouse gases, produce no waste, use no water and require no high temperatures. The Asphalt Ridge extraction facility comprises 10 stages containing a total of 14 operating processes.
The site operations and field teams at the Asphalt Ridge facility have been working hard to expand the site’s production capacity and to bring the facility to operational status. The company’s onsite team includes U.S. Armed Forces veterans, Native Americans and local workers from the Uintah Basin.
The pricing and structure of Petroteq’s sales production and marketing strategy for the Asphalt Ridge site are not yet finalized, but the company’s management is confident that its operational costs and related discounts will be much lower than the current discount on heavy crude oil from Canada, which recently hit close to a five-year high. With pipelines at capacity and refining customers going offline for seasonal maintenance, the discount is expected to remain high.
Petroteq believes that its heavy oil product has promising market potential, as the company’s Asphalt Ridge Facility is located in close proximity to major oil refineries in Utah. The company anticipates pricing to closely track that of West Texas Intermediate, as refiners are already accustomed to purchasing and using Utah heavy oil as part of their refining mixes.
As Petroteq progresses in its operational activities, primary aspects of the company’s operations and proprietary solvent processes are being reviewed and vetted by company president and Director Dr. Jerry Bailey, and by company CTO Vladimir Podlipskiy. A great deal of new equipment has been added to the enhanced Asphalt Ridge facility, and the company is finding opportunities to refine its techniques for more efficient production.
The operational preparedness of the Asphalt Ridge facility coincides with the laboratory testing that Petroteq has been conducting. Multiple samples have been taken from the company’s mining operations, and Petroteq has determined the proprietary solvent molecular and volumetric specifications needed to efficiently and effectively work with its extraction process. Petroteq is also considering various new and compelling products that will work with and integrate with its proprietary solvent process to improve separation of oil from sand and to stabilize and mitigate asphaltenes in the oil, resulting in the production of an improved grade of heavy oil.
To date, Petroteq boasts 2,541 leased acres and 87.49 million barrels of mineable oil sands. The company expects to boost its output to the point of producing 5,000 to 8,000 barrels of oil per day by late 2020 or early 2021 (http://nnw.fm/jmX7i).
In addition to its proprietary heavy oil extraction technologies, Petroteq is also developing the very first blockchain-based platform created exclusively to meet the supply chain needs of the oil and gas sector. Being developed through PetroBLOQ, LLC, Petroteq’s wholly owned subsidiary, this platform works hand-in-hand with Petroteq’s production system to ensure efficiency.
For more information, visit the company’s website at www.Petroteq.energy
More from NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information please visit https://www.NetworkNewsWire.
New York, New York