MCW... INNOVATIONS IN ENVIRONMENTALLY-FRIENDLY OIL SANDS EXTRACTION TECHNOLOGY.
In 2011, several key Petroteq Energy Inc. management team members including the Company's Chairman, Aleksandr Blyumkin, were searching for more profitable energy opportunities than the fuels distribution sector, which had been inherited as a result of the purchase of a regional fuels distribution company established in 1938 named McWhirter Distribution Ltd. Petroteq sold the Fuels Division in 2014 and decided to focus on the very promising oil sands industry. They examined all of the existing oil sands extraction technologies that were being implemented throughout the world and found that there was a void in environmentally-friendly extraction methods, and that the most commonly used technology was the SAGD extraction process (Steam Assisted Gravity Drainage).
This technology was used in most major oil sands extraction projects throughout the world, most notably in Alberta, Canada. It is a very disruptive extraction technique which involves excessive water use, high pressures and temperatures underground and the resultant tailings ponds, filled with toxic chemicals and hydrocarbon residues. The SAGD extraction method requires capital-intensive infrastructures, often costing several billion dollars for major project oil sands processing.
The growing Petroteq team now included Dr. R. (Jerry) Bailey, a veteran Texas oilman with over 50 years experience in the oil and gas industries, and a former ExxonMobil President of their Arabian Gulf operations. Another team member was added in the person of Dr. Vladimir Podlipskiy, a noted chemical engineer with extensive experience in benign solvent applications and research. The Petroteq team set out to combine all the features of existing extraction technologies from around the world... but with a new focus... it had to be environmentally-friendly, it didn't require water, it didn't require high temperatures or pressures and did not emit greenhouse gases. Most important... Petroteq's unique technology had to be commercially viable.
After almost five years of extraction systems research, component design, solvent composition selections and extraction plant design criteria, the Petroteq Team came up with a unique, environmentally-friendly extraction technology, which is scalable and commercially viable.
Petroteq designed its initial extraction plant over the past three years and successfully unveiled it in October 1st, 2014. The Petroteq Team selected Utah as its first choice for its plant location, mainly because the state holds over 55% of America's oil sands deposits, which translates into more than 30 billion barrels of oil, as yet undeveloped and ready for future production in the years to come. The Company's scale-up program is now underway with the design and fabrication of several new, larger capacity extraction units which will be deployed in the years to come throughout the Uinta Basin area in Utah.