July 10, 2018
Petroteq Energy Inc. says it has a new enhanced oil recovery system for oil sands that’s about to be put to the test and, if successful, will be a breakthrough.
The California company says it paid $10 million for Asphalt Ridge in Utah, a state that has more than half of all US oil sands — eight major deposits with 32 billion barrels of oil equivalent (BOE), oil that sits near the surface, and it plans to extract that oil “for cheap.”
The Asphalt Ridge site is in operation, Petroteq said in a news release Monday, and is getting ready to produce 1,000 barrels a day of oil sands recovery this year, 5,000 by the end of 2020, which can be produced at about $28 a barrel.
The tech company says its already extracted 10,000 BOE at the Utah site, declaring the initial phase of its production a success.
There are five major refiners nearby with plenty of routes for trucking product to Salt Lake City.
The company touts its new “Liquid Extraction System” as “the first successful method ever tested that can extract the heavy oil sands of Utah in an environmentally safe and sustainable manner,” generating “zero greenhouse gases.”
Petroteq said Monday its looking forward to mass application of its extraction technology worldwide, with billions of BOE in proven oil sands reserves in the US alone; 100 billion in Canada, 500 billion worldwide.
In its marketing position proposals, the company says its oil-sands-recovered oil will provide the heavy oil needed in the Trump administration’s planned billion-dollar infrastructure renovation plan.
The company also said it’s working on a blockchain technology called PetroBLOQ for use in oil and gas trading, technology that’s already under contract for use by Pemex.