- The United States’ foreign trade policy may affect heavy oil supplies as the country enforces sanctions against Venezuela and Iran
- Petroteq Energy is revolutionizing the production of heavy oil by using a patented surface fuel extraction process to lessen environmental impacts and investigative financial risks
- Petroteq is conducting its operations at a leased bituminous fuel site in eastern Utah with a goal of proving the capabilities of its technology
- The company began delivering oil to its regional market in November and is working to increase the amount of quality crude it produces to new benchmarks
Fuel industry technology developer Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF) is pioneering a surface oil extraction process that promises to revolutionize an industry galvanized by the domestic sourcing prowess of fracking drills, particularly as international trade policy concerns affect petroleum imports.
Shale fracking, or hydraulic fracturing, has provided the United States with an abundant homegrown source of fuel oils via an extraction process that involves injecting highly pressurized water and chemicals into drilled wells to force open rock fractures and release trapped oil.
New uses of the fracking production process have created a boom in domestic oil production at a time when much of the nation is pushing to support homegrown industries over foreign imports. Recent governmental policy that has established trade sanctions on Venezuela’s and Iran’s oil exports (http://nnw.fm/KmJ4b) is also helping to create a reduction in available medium-to-heavy grades of fuel.
The denser oils are in demand for refined products like jet fuel that are important to large, strong industries, and for low-sulfur fuel products favored by industries dealing with tighter shipping emissions rules.
Petroteq’s patented process produces heavy oils squeezed from surface pockets of bituminous shale in a closed-loop “clean” cycle that avoids many of the financial risks and uncertainties associated with exploring for crude sources deep underground. In particular, once a surface asphalt resource has been visually identified, there is no significant investment risk on the company’s part related to exploration, because the extent of the resource is already known prior to set up.
Petroteq’s process also has the advantage of being perhaps the most environmentally friendly of any extraction mechanism. It is a first-of-its-kind technology in which oil sands are mixed with a solvent solution, crushed to squeeze out the oil, shaken and then heat distilled to remove the oil for storage. The original sand material is returned to the desert floor cleaner than when it was taken for processing.
The solvent used in the process is recycled so that it can be used again and again in new cycles of oil extraction, helping the company to avoid some of the concerns associated with other processes that dump solvents back into the ground, or potentially compromise ground water that may serve as a source for area drinking water.
The company is now into commercial production, leasing a site in eastern Utah where it extracts the bituminous asphalt and produces heavy oil through its patented process. It is approaching an output of 1,000 barrels per day and will soon launch into Phase 2 of its production cycle, working toward a 4,000 bpd level in 2020. Petroteq envisions potentially producing 8,000 bpd by the end of 2020 as further proof of its technology’s efficacy (http://nnw.fm/Vkfn0).
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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