- U.S. Energy Information Administration estimates that about 50 percent of total U.S. crude oil production in 2017 was produced directly from tight oil or oil embedded in low-permeable shale, sandstone and carbonate rock formations
- Petroteq’s patented clean technology extracts heavy oil from oil sands, oil shale deposits and shallow oil deposits in environmentally safe and sustainable method
- Advanced technologies and efficiencies for extraction of oil and gas from liquid-rich shale credited with moving U.S. back to top of global energy sector
- Petroteq preparing to produce 1,000 barrels of oil per day, with 8,000 bpd target
- Continuity testing complete as Petroteq plans to begin extraction during Q3 2018
A shale boom has helped send U.S. crude oil production surging above 10 million barrels per day (bpd) for the first time since the 1970s, according to a monthly report from the U.S. Energy Information Administration (EIA), a Reuters article states (http://nnw.fm/q3nsX). The EIA estimates that, in 2017, about 4.67 million barrels per day of crude oil – or 50 percent of total U.S. crude oil production – were produced directly from tight oil resources in the United States. Tight oil is oil embedded in low-permeable shale, sandstone and carbonate rock formations
Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) (FSE: PQCF), a fully integrated oil and gas company focused on the development and implementation of a new, proprietary technology for oil extraction, is in a prime location for contributing to the booming U.S. shale oil market as it makes final arrangements for continuous operations at its Asphalt Ridge facility in northeastern Utah. Petroteq’s closed-loop extraction process uses no water, produces zero greenhouse gas, zero waste and requires no high temperatures. Its aim is to extract commercial amounts of crude oil from Utah’s desert tar sand rock through a crushing and recyclable solvent distilling operation.
Petroteq recently completed continuity testing at Asphalt Ridge as it builds up to full capacity extraction of 1,000 barrels of oil per day utilizing its disruptive, environmentally friendly technology, a company news release states (http://nnw.fm/6JwoK). The Utah site is a 2,541-acre mineral lease with an expected yield of about 87.5 million barrels over the project’s lifespan. As operations get up to full speed, the company is optimistic that it can increase its output to 8,000 barrels per day by late 2020 or early 2021 (http://nnw.fm/LIMu4).
“We continue to focus on becoming the first environmentally friendly oil sands mining facility,” company President Jerry Bailey stated in a news release. “I am extremely impressed with the work completed by our site operations team. As I review all 14 operating processes that comprise the ten stages of our facility, I have to mention the dedication and experience of our field team.”
Petroteq also recently announced that it has engaged MetzOhanian, a software engineering firm in Austin, Texas, that will help develop applications for the company’s PetroBLOQ platform. MetzOhanian specializes in blockchain engineering, supply chain management software development and digital security consulting. MetzOhanian will be working with PetroBLOQ to develop blockchain applications aimed at increasing supply chain transparency and efficiency in the oil and gas sector, according to a company news release (http://nnw.fm/L0bWb).
“While we believe we are in the early days of blockchain application in the energy industry, the potential for PetroBLOQ’s blockchain principles to create a technology consortia’s for remediation, and reclamation projects is equally as compelling,” David Sealock, CEO of Petroteq, stated in the release. “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. We expect that the integration of technologies provides the possibility of creating long term investments in the profit potential of something as game changing as blockchain.”
For more information, visit the company’s website at www.Petroteq.energy
More from NetworkNewsWire
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization 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. 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.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.networknewswire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.networknewswire.com
212.418.1217 Office
[email protected]
