- Governments worldwide addressing concerns about global climate changes by enacting policies that affect oil and gas industry-related businesses
- Petroteq Energy advancing ecologically sound, unique technology to supply world’s ongoing energy needs
- Petroteq ramping up proof of concept production of 1,000 bpd in Q3, with plans to boost it to 8,000 bpd by 2020
Amid concerns worldwide about the deleterious effects of pollutants on the planet’s ecosystems, oil and gas industry players such as Petroteq Energy Inc. (TSX.V: PQE) (OTC: PQEFF) continue building the visibility of their efforts to be environmentally conscious, and Petroteq’s current real-time rollout of proprietary technology that will extract oil in a closed-loop, zero-harm process puts it in a vanguard position for touting energy and environmentalism’s compatibility.
“America and the world need energy, and oil is still a very and most cost-effective way to do it,” company President Jerry Bailey told Fox Business last month (http://ibn.fm/gFQE1), noting that Petroteq’s solvent-based tar sands extraction process distinguishes the company’s Utah desert operation from other industry projects in Canada renowned for their ecological impact challenges. Petroteq’s process is “a new technology. Heretofore, no one has unlocked this secret,” Bailey added. “It’s just another way to give us energy.”
The company’s focus is on technology development, but the just-launched Utah production at a site called Asphalt Ridge is serving as the small-scale real world application of Petroteq’s unique process and is expected to be at full extraction before the end of the current quarter. The company then plans to increase its 1,000 bpd output to 8,000 bpd within the next two years (http://ibn.fm/DUlSM) — a veritable drop in the bucket of oil productivity, but a huge reservoir of potential for the industry, if the production test delivers on its promise.
The company is removing oil-heavy sands and rock from the Asphalt Ridge site, mixing them with a simple solvent formulation, crushing the rock to squeeze out the oil-solvent juices, so to speak, and then advancing the oil to the distillation process while returning “cleaned” sands back to the ground where they originated.
Petroteq’s introduction of its technology is timely. The energy industry has long been in the crosshairs of environmental activists concerned about mankind’s impact on the ecological systems of our planet, whether focusing specifically on air and water pollution, land arability or river flows affected by the carbon- and petroleum-based energy industries and hydroelectric systems.
A number of governments worldwide have begun calling for the reduction or elimination of petroleum-fueled automobiles within the next few decades as a result of the 2015 Paris Agreement’s greenhouse gas reduction efforts (http://ibn.fm/NkQhw). California Gov. Jerry Brown’s decision to call a Global Climate Action Summit beginning on September 12 resulted from a desire to draw thousands of political, corporate and activist leaders from across the planet to address pollution concerns in harmony with the Paris Agreement, despite the federal government’s distaste for the pact. Outside of the summit’s gathering, tens of thousands of protestors’ agitation showed that some people are dissatisfied with current efforts and want something more.
“We have plans to let the governor’s office know and to let the global markets know that our lands are not for sale and that we will stand up and protect them,” Thomas Joseph of the Indigenous Environmental Network told San Francisco’s KGO-TV (http://ibn.fm/lgdQA).
Petroteq’s technology is the end result of some five years of research by the company’s scientific teams dedicated to delivering a means of extracting oil that is safe for the environment, doesn’t produce greenhouse gases, doesn’t use high-temperature or high-pressure mechanisms, and can effectively be applied not only to Utah’s “oil-wet” deposits, but “water-wet” deposits in places such as Canada, where extraction has already resulted in significant environmental impact.
For more information, visit the company’s website at www.Petroteq.energy
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