- 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://ibn.fm/W27Sd). 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 no greenhouse gases, is the result of almost five years of research by Petroteq’s research and engineering teams, led by the company’s chief technology officer, Dr. Vladimir Podlipskiy. It can be effectively applied to both “water-wet” deposits, such as the oil sands projects in Alberta, Canada, and in the 20 or so countries with oil sands, as well as the “oil-wet” deposits found in Utah, where Petroteq is operating.
In a recent interview with industry journal Oilman, Dr. Raymond Gerald Bailey, president of Petroteq Energy Inc., discussed developments in the oil recovery and alternative energy sectors (http://ibn.fm/f12LO). He noted that present oil prices, which are approaching $70 a barrel, signal good things ahead for the industry. Although he expects to see alternative energy sources enter the supply chain, he is ‘not of the opinion that they will replace hydrocarbons anytime soon.’
Developing alternative sources of energy such as wind are still in the formative stages and require huge amounts of investment in infrastructure. Investors, he said, would much rather “invest in work: production, transportation, and refining. They don’t want to invest in infrastructure, because it is expensive, and the ROI takes a long time to pay back.” The world, he said, “is set up to run on hydrocarbons.” Moreover, hydrocarbons are still the most cost efficient sources of energy production.
However, making a distinction between alternative sources and alternative technologies, Dr. Bailey says that his lack of enthusiasm for non-hydrocarbon sources of energy does not extend to new technologies, like blockchain, which his company is fervently supporting. In collaboration with First Bitcoin Capital Corp., Petroteq is developing a blockchain technology called PetroBloq, which addresses some of the administrative challenges faced by oil and gas operators, particularly those pertaining to logistics and supply.
Dr. Bailey is acutely aware of those challenges, having served as president of Exxon’s Arabian Gulf operations. He has more than 50 years’ experience in all aspects of the oil and gas industry, upstream and downstream, onshore and offshore, and has served on numerous energy company executive boards.
Petroteq is cleaning up its balance sheet as its development efforts continue. The company recently announced its entry entered into three share-for-debt agreements (http://ibn.fm/okUGD). The debt for equity swaps will not only conserve cash but also significantly reduce enterprise risk.
For more information, visit the company’s website at www.Petroteq.energy
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