"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
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
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 *
Petroteq has spent the last 10+ years perfecting their technologies at their
"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
Contact Person:
Email: SamBullard1976@gmail.com
Phone: (800) 139-1837?
Address:
City:
State: CA
Country:
Website: petroteq.energy
Source: www.abnewswire.com
.
(C) 2021 M2 COMMUNICATIONS, source