- Hydrocarbons projected to continue supplying world’s energy needs in near future
- U.S. oil sands & shale reserves estimated at two trillion barrels
- Extraction technology could play vital role in U.S. oil sands & shale industry
The days when the U.S. economy depended on Middle Eastern oil are history. Now, just 17 percent of the approximately 10.1 million barrels per day (MMb/d) of petroleum imported comes from the Persian Gulf, according to the U.S. Energy Information Administration (http://nnw.fm/T9ybV). Although still a net importer, the U.S. in recent years has become a large supplier as well, exporting about 6.3 MMb/d of petroleum products to 180 countries. U.S. oil shale production now exceeds 10 million barrels a day. Indeed, U.S. oil shale reserves are estimated to be around two trillion barrels, about as much as conventional oil reserves worldwide. That gives Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) a lot of scope in the coming years. The company does not drill for oil, but rather has developed patented technology to extract bitumen (crude oil) from oil sands and shale, crucial methodology that could unlock the trillion barrels of oil buried in Colorado, Utah and Wyoming. The technology is being readied for application at its Asphalt Ridge facility in Utah.
Petroteq Energy Inc. has developed its environmentally safe, continuous flow, closed loop technology (a first in North America… and probably in the world) to extract bitumen oil from oil sands. The technology, which depends on a patented solvent/surfactant and produces…
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