Utah holds the capacity of over 32 billion barrels of under developed oil sands. Oil sands are unconventional petroleum deposits and the sands are often known as 'oil-wet', which contain sand and a dense, viscous form of petroleum, technically known as bitumen or tar. Other places that are also known to have similar deposits are Venezuela and Canada. However, in these places, these deposits are known to be water-wet as they are known to be found deep in the earth, mixed in sand, clay and water with semi-solid natural deposit.
Despite having large reserves at their disposal, Utah lacked technology to exploit these resources. The process is more price as well as water-intensive, which only makes it more tedious to produce ground breaking results to develop the state's resources. The company Petroteq Energy is now utilising their technology to make commercially profitable oil sands production online in United States very soon.
The CEO of Petroteq believes that there is lot to do when it comes to disruptive technology and the untapped resources in Utah, so far, are being made available with the help of technology.
What makes this more pleasing, even to environmentalists is, Petroteq is pioneering this approach of oil sands production with minimal environment impact, unlike Canada's oil sands, which are essentially vast beds of toxicity and plagued with environmental destruction.
Using proprietary technology, Petrotech's approach is to involve solvents that cleanly extract heavy oil sands by actually separating oil from rock. Alberta was known to use destructive processes to make this separation, but not Petroteq. The company believes in meaningful technologies and uses no water to pollute the soil.
The process involved crushes oil sands and mixes it with solvents and the separation comes through with spinning the mixture using centrifugal force, ultimately separating the oil from the sand. The sand is then returned to the earth and the solvents are kept for reuse. In fact, this process disrupts the entire conventional oil sands processing that previously would use vast measures of water, chemicals and toxic elements in addition to heat.
Petroteq is known to sell crude oil to local refineries, which in turn process oil into diesel fuel. With millions of barrels to work with, Petroteq is eyeing close to 14 to 15 billion barrels of estimated oil sands. When the question arises of making this business profitable, Petroteq claims that it can redeem profits with just $32 per barrel.
Although there has been some hearsay by analysts on the novelty of technology used for these extractions and production, it is by and large being considered a welcome change from the conventional methods that were known to sabotage the environment. Petroteq has also well-accentuated the use of technology and its potential in using it as a resource for efficient energy supply.
With its current 1000 barrels a day, Petroteq plans to scale up to a total 5000 barrels a day within the next three years. This is clearly a spark for the Utah oil sands industry.
References
https://www.energyvoice.com/opinion/180364/opinion-the-single-biggest-breakthrough-in-oil-tech-this-year/
https://petroteq.energy/operations/utah-oil-asset
http://video.foxbusiness.com/v/5826435827001/?#sp=show-clips
Despite having large reserves at their disposal, Utah lacked technology to exploit these resources. The process is more price as well as water-intensive, which only makes it more tedious to produce ground breaking results to develop the state's resources. The company Petroteq Energy is now utilising their technology to make commercially profitable oil sands production online in United States very soon.
The CEO of Petroteq believes that there is lot to do when it comes to disruptive technology and the untapped resources in Utah, so far, are being made available with the help of technology.
What makes this more pleasing, even to environmentalists is, Petroteq is pioneering this approach of oil sands production with minimal environment impact, unlike Canada's oil sands, which are essentially vast beds of toxicity and plagued with environmental destruction.
Using proprietary technology, Petrotech's approach is to involve solvents that cleanly extract heavy oil sands by actually separating oil from rock. Alberta was known to use destructive processes to make this separation, but not Petroteq. The company believes in meaningful technologies and uses no water to pollute the soil.
The process involved crushes oil sands and mixes it with solvents and the separation comes through with spinning the mixture using centrifugal force, ultimately separating the oil from the sand. The sand is then returned to the earth and the solvents are kept for reuse. In fact, this process disrupts the entire conventional oil sands processing that previously would use vast measures of water, chemicals and toxic elements in addition to heat.
Petroteq is known to sell crude oil to local refineries, which in turn process oil into diesel fuel. With millions of barrels to work with, Petroteq is eyeing close to 14 to 15 billion barrels of estimated oil sands. When the question arises of making this business profitable, Petroteq claims that it can redeem profits with just $32 per barrel.
Although there has been some hearsay by analysts on the novelty of technology used for these extractions and production, it is by and large being considered a welcome change from the conventional methods that were known to sabotage the environment. Petroteq has also well-accentuated the use of technology and its potential in using it as a resource for efficient energy supply.
With its current 1000 barrels a day, Petroteq plans to scale up to a total 5000 barrels a day within the next three years. This is clearly a spark for the Utah oil sands industry.
References
https://www.energyvoice.com/opinion/180364/opinion-the-single-biggest-breakthrough-in-oil-tech-this-year/
https://petroteq.energy/operations/utah-oil-asset
http://video.foxbusiness.com/v/5826435827001/?#sp=show-clips
POST A COMMENT