Petroteq Energy Inc. is a Canadian-registered holding company, publicly trading on the TSX Venture Exchange (Symbol: PQE) and the OTC trading platform (Symbol: PQEFF). Petroteq is disrupting the oil and gas sector by developing oil sand technologies, which are environmentally friendly and sustainable. As it stands, the technology consumes no water, creates no waste tailings ponds, produces no emissions, and removes 99% of hydrocarbons from oil sands.
“The economic potential of the technology is tremendous, but what truly excites us is the innovation that we can bring to the industry. Our CORT technology is achieving something that just a few years ago would be considered implausible,” said Alex Blyumkin, CEO and Chairman of Petroteq.
The challenges faced by the oil and gas industry are no secret. Companies struggle to balance the necessity of oil production and environmental protection: wildlife preservation, land and water use, emissions reduction, etc. Petroteq’s latest technological breakthrough is doing just that – achieving oil production without water usage, waste creation, and emissions. By extracting almost 99% of hydrocarbons from oil sand deposits, the company is also able to realize EPA Tier 1 quality sand, an outcome that gives the technology remediation abilities. Interestingly enough, Petroteq’s technology isn’t the only thing that differentiates the company.
“Due to our Utah operations, we are uniquely positioned. Utah oil sands are an uncommon heavy oil resource containing almost no sulfur, the heavy sweet oil found within the state meets IMO 2020 standards and is on par with production from the Bakken and the Permian basins.”
As it stands, the company currently has 87 million barrels on over 2500 acres at their asphalt ridge operations. Based on the numbers, the company can produce up to 10,000 barrels a day for over two and a half decades.” Some key numbers include:
- 2500 acres under lease
- 87M bbl+ near-surface oil resource
- 10,000 bbl pilot plant cumulative production
- 500 bpd target with a current demonstration plant
- $20 or less per bbl production cost target
- $10/bbl+ potential additional margin on cleaned sand
- Feasibility confirmed / operation being certified
- First 5,000 bpd production plant engineered & planned
Petroteq has spent the last 10+ years perfecting their technologies at their Utah operations. But now the company is ready to expand, and rightfully so, there are 25 countries around the world with surface oil sands mining. This means there are about 1.2 trillion barrels of untapped oil available for Petroteq’s innovation. For these reasons, Petroteq is planning on increasing their capacity through an expansion plan that includes leasing out the technology to large-scale producers.
“We’ve hit an inflexion point with this technology, commercialization, and leasing opportunities are being realized. The technology will enable us to expound upon our current business model and diversify our core revenue streams.”
Admittedly, one of the most significant challenges within the oil and gas industry is environmental pollution. Although renewable energy options are exhibiting exponential growth, the oil and gas industry will continue to remain instrumental in providing the energy needed to power economies across the world. However, as this transition from nonrenewable to renewables continue to take place, it’ll be up to companies like Petroteq to push boundaries and usher in new forms of more sustainable production.
Media Contact
Company Name: Petroteq Energy Inc.
Contact Person: Sam Bullard
Email: https://www.abnewswire.com/email_contact_us.php
Phone: (800) 139-1837
Address:1921 Vine St
City: Sherman Oaks
State: CA
Country: United States
Website: petroteq.energy
