- Petroteq Energy is developing an oil extraction technology that has the potential to follow fracking as the “next big thing” in driving America’s energy independence
- Petroteq is developing its proof-of-concept extraction process in Utah’s east desert and recently established a benchmark for continuous production with the environmentally friendly technology
- The company began selling oil regionally in November and is building its heavy oil production to 1,000 barrels per day
The oil and gas industry has long worked to successfully manage profit margins while keeping the nations’ transport systems humming through the continual high and low fluctuations of global crude supply pricing. The advent of shale “fracking” as an alternative means of oil extraction has granted countries such as the United States a booming domestic supply of oil.
Technology developed by oil sands extraction innovator Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) could represent the next step in the development of oil extraction technology. Unlike fracking, or hydraulic fracturing, in which high pressure water and chemicals are injected into drilled wells to force open rock fractures and release trapped oil, Petroteq’s patented closed-loop “clean” technology mines tar sand source material from land surfaces, minimizing financial and environmental risk while providing a significant investment benefit. Unlike traditional drilling, Petroteq’s closed-loop process has the advantage that, once a surface source has been identified, there is no investment risk related to exploration, because the extent of the resource is already known prior to set up.
The company’s oil production project in the eastern deserts of Utah utilizes a first-in-kind technology that’s patented in the United States and Canada to separate heavy oil from the bituminous asphalt sands. As the oil sands are mixed with a solvent solution, crushed to wring out the oil, shaken and removed for storage through a heat distillation process, the original sand material is returned to the desert floor, cleaner than when it was taken for processing.
“In fact 100 percent cleaner than it was when we took it out,” Petroteq President R. Gerald Bailey said in an interview last year (http://nnw.fm/qY6GR). “There’s no emissions, nothing to the air and nothing to the soil… So, you could put plants on it and grow it after we get finished. So, there’s no environmental issues in this stuff and it’s very amenable to easy expansion.”
The solvent used in the separation process is recycled for use in ongoing batches of oil extraction. Petroteq’s technology avoids any concerns associated with pressurized drilling or wastewater disposal through its patented reclamation process. As such, Petroteq believes that it is on the cusp of engineering the next revolution in the oil and gas industry, while also helping the United States establish its ability to be energy self-sufficient .
As Petroteq’s economical and domestic heavy-oil extraction process proves itself, it also has the potential to fill a major market vacuum caused by restrictions in getting heavy oil from outside sources such as Venezuela and Canada (http://nnw.fm/FG7uz). The range of products available through heavy oil processing makes heavy oil preferable to light oil for oil processors, an important advantage of the Petroteq technology.
Petroteq began proving its concept by processing crude at its Asphalt Ridge operation in Utah late last year, and it recently announced that it had achieved two weeks of continuous production using the technology at a benchmark level (http://nnw.fm/Hf5Fo). The company began selling its oil to regional markets in November, and Petroteq believes that its lease contains 87 million barrels that it can extract over the next 20 to 30 years.
Earlier this year, the Asphalt Ridge facility underwent expansion designed to allow it to produce up to 1,000 barrels per day (bpd), which it expects to achieve within the next month and a half as the company prepares to move the facility into phase 2 of its production life cycle, building toward 4,000 bpd by year’s end (http://nnw.fm/U9SVz) and an anticipated 5,000 to 8,000 bpd by the end of 2020.
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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