Clean, Sustainable Energy and Social Responsibilities
Petroteq Energy Inc. is acutely aware of its corporate responsibilities as they pertain to preservation of the environment, protection of heritage and cultural landmarks, safe work environments, employee safety and respect for local residents. As the Company moves forward in the development of its oil sands properties, its devotion to producing clean energy will play a major role in its inter-action with outside groups. This includes consultation with the Utah Government and respective experts to create a positive, nature-friendly environment from which everyone will benefit.
To meet this task, Petroteq has adopted its own action plan, termed the "Health, Safety & Environment Management System" with its environmental consulting firm, JBR Environmental Consultants of Utah. This plan includes all the elements discussed above, but also includes factors such as fire safety and emergency response procedures and preparedness protocols. Petroteq is keen on maximizing the efficiencies and enviro-friendly features of its oil extraction technology which requires no water during the process, no high temperatures/pressures and there are no greenhouse gases produced. It's a closed-loop system, which means that all of the benign solvents used in the extraction process are sealed inside the components while the oil is extracted.
The average oil extraction rate is 99%, while the processed, clean sands may be replaced back to their origin or sold. With its state-of-the-art self generating electric power system, the Petroteq extraction plant has a very small environmental footprint, especially with the comparatively small physical size. And by developing new domestic energy sources through its concept of "American Oil For America," Petroteq will help to minimize America's reliance on foreign oil supplies... and at the same time, minimizing the infrastructure in order to process and deliver its oil to the nation.
Prior to any oil sands lease development project, Petroteq's Oil Sands Division will initiate a procedural policy which includes the appointment of geological and/or environmental consultants. These are usually local organizations with extensive knowledge of the area, which will generate an environmental impact report, which would examine any possible issue pertaining to geology, nature issues and cultural or heritage elements. These findings are summarized and issued to local and state governments for approval prior to the initiation of any lease development program.
Petroteq's Environmentally-Friendly Technology Seems to Fit Perfectly with Utah's Responsible Resources Development Vision
Since the mid 1980's, oil companies big and small have been seeking to develop Utah's vast oil sands resources. Most of them have failed usually because of inappropriate technologies, requirements of water for processing or because of a lack of funding. And with the worldwide publicity of Alberta, Canada's oil sands environmental problems of water wastage, tailings ponds and greenhouse gases, there's a natural tendency for most people to be skeptical about any development of the oil sands located in Utah.
It took Petroteq's technology team more than four years to develop an environmentally friendly oil sands extraction technology that didn't affect the environment and, at the same time, was commercially viable. Extensive research was also undertaken to develop a combination of benign solvents that could efficiently extract the oil from the sands. The system also had to adapt to the type of surface oil sands deposits. After several years of enhancing the system's components and processing systems, Petroteq's engineers finally succeeded and unveiled its first extraction plant on October 1st, 2014 in Vernal Utah. It's the first of its kind in the world. The Company's first plant has met or exceeded all of the environmental regulations set forward by the state of Utah, and Petroteq has received all permits required for the processing of oil sands feedstock on its lease site in Asphalt Ridge. There's no water needed, no fracking, no tailings ponds... and the cleaned sand can go right back where it came from. (See Technology for a full description.)
Petroteq believes that resource development does not have to be at odds with the environment... and that technologies must be developed so that both elements may safely co-exist. This seems to be compatible with Utah's Department of Energy Development, which focuses on providing leadership with a balanced development of Utah's abundant energy resources through public and private partnerships. This co-operation will result in prosperity throughout the state and a reliable, affordable energy supply. The Energy Development Department in Utah, under the Directorship of Val Hale, has set up the Energy & Geoscience Institute (EGI), and the Utah Institute For Clean & Secure Energy, (ISOR). These organizations will work to improve the efficiencies of energy development technologies and will provide data base research with public and private partnerships. And it's with co-operation like this that will bring a win-win prosperity to the state of Utah in the years to come.