- Patent-pending breakthrough technology to extract oil
- Environmentally-friendly and cost effective process to extract heavy oil
- Owns and operates valuable, producing oil sands resources
For over a century, oil has been the lifeblood of the world economy. Even with the advent of new power sources, oil will continue to be an indispensable resource and remain an essential commodity for decades to come. To meet unquenchable demand, the world extracts unrefined crude oil that ranges in density and consistency from thin and light weight to a thick, semi-solid heavyweight oil. Light crude oil pumped from wells commands a higher price on commodity markets, because it produces a higher percentage of fuels when refined. Heavy crude is more expensive and difficult to produce, since it’s very thick and doesn’t flow easily to production wells. Heavy oil is found predominately in tar sands concentrated in North America.
Squeezing oil out of tar sand is an expensive, laborious process. Between two and four tons of tar sand and two to four barrels of water are used to produce a single barrel of oil. Rather than drilling for oil, enormous shovels carve out open pits in the tar sands, scoop out the greasy sand, then haul it to be processed. Mining tar sands and converting it to gasoline releases three times more carbon dioxide than typical oil production and dirties vast amounts of water. Only unrelenting need drives such an economically and environmentally costly process.
With patent-pending technologies, Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) is economically extracting heavy oils from oil sands, oil shale deposits and shallow oil deposits. The environmentally-friendly system is a closed-loop, solvent-based process, which dramatically lowers cost per barrel of production, produces no greenhouse gases, requires no high temperatures, leaves only clean dry sand and can easily be deployed anywhere in the world to unlock heavy oil deposits.
Petroteq has successfully launched its first extraction plant, Asphalt Ridge, in Utah and intends to rapidly scale up capacity throughout the state, which has over 30 billion barrels of previously undeveloped but now economically recoverable oil. Independent engineering estimates project 139,539,001 standard tank barrels (STB) of bitumen in place at the Asphalt Ridge site, which equates to around 87 million barrels of oil equivalent (BOE). Asphalt Ridge is one of Utah’s eight major oil sands deposits.
The price of oil has fluctuated wildly over the last 20 years from around $18 a barrel in 1998 to over $157 in 2008 to about $56 a barrel today. At any price, oil is and will continue to be the lifeblood of the world. Petroteq Energy’s environmentally friendly, cost effective solution looks to be a welcome answer to producing oil in a cheaper and cleaner way.
For more information, visit the company’s website at www.Petroteq.energy
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