PETROTEQ'S PATENTED CLEAN OIL RECOVERY TECHNOLOGY (“CORT”) IS A BREAKTHROUGH FOR THE OIL SANDS INDUSTRY
Petroteq's Proprietary Extraction Technology Utilizes No Water In The Extraction Process And Produces No Waste Water Or Tailings Ponds
Petroteq Energy Inc. has developed a unique, environmentally safe, continuous flow, closed-loop technology... a first in North America... and probably in the world! The Company's philosophy is that the environment and the oil sands industry can work together harmoniously... without any of the resulting destruction seen in so many of the world's major oil sands projects. This extraction technology is the result of nearly five years of research by Petroteq's research and engineering teams. Over this period of time, Petroteq gradually enhanced and improved the efficiencies of its technology at each stage of the extraction process with better mixing tank and solvent recovery components and a higher consistency of oil sands flow.
This extraction technology is also a versatile solution...it can be effectively applied to both "water-wet" deposits (such as the oil sands projects in Alberta, Canada) or the "oil-wet" deposits such as the resources typically found in Utah.
Petroteq's extraction technology utilizes no water in the extraction process and produces no waste water or tailngs ponds.
It extracts up to 99% of all hydrocarbon contents and recycles up to 95% of the solvents. The proprietary solvent composition consists of hydrophobic, hydrophilic and polycyclic hydrocarbons. In testing periods, these solvents separated up to 99% of heavy bitumen/asphalt and other lighter hydrocarbons from the oil sands while preventing their precipitation during the extraction process. Solvents used in this composition form an azeotropic mixture which has a low boiling point of 70-75 C degrees. Petroteq expects to recycle over 95% of the solvents used. These features make it possible for hydrocarbon extraction from oil sands feedstock at mild temperatures of 50-60 C degrees... with no vacuum or pressure applied.
There's no need for tailings ponds because the only elements that leave the closed-loop system are the extracted crude oil and the cleaned sands, which can be used for site reclamation or sold as clean sand for use as a concrete aggregate.
PETROTEQ'S EXTRACTION TECHNOLOGY HAS BEEN EVALUATED BY A HIGHLY REPUTABLE, NATIONALLY RECOGNIZED INDEPENDENT CONSULTING FIRM.
Petroteq's oil extraction technology has been evaluated by a reputable engineering firm, Chapman Engineering Company (Calgary, Alberta), who are experts in petroleum and chemical engineering projects as well as providing economic analyses for resource development processes.
CHAPMAN'S INDEPENDENT REPORT CONCLUDED THAT PETROTEQ'S EXTRACTION TECHNOLOGY IS SCALABLE, COMMERCIALLY VIABLE AND COST EFFECTIVE.
Cost Benefits Of The Technology:
Petroteq's extraction process could reasonably expect to have overall processing costs of $25.00-$30.00 STB of crude bitumen generated, representing a netback of approximately $10.00- $15.00 per STB. There is a 90% confidence level that the per STB processing costs will fall between $20.00 and $25.00 per STB. Note that these costs were calculated when WTI was selling for $40.00 USD bbl.
PETROTEQ IS MOVING FORWARD WITH THE DEVELOPMENT OF ITS TECHNOLOGY.
Upgrades are underway to the demonstration plant with restart planned for the end of November 2020. Once operational, Chapman will once again evaluate CORT to confirm operating costs and netbacks. With this updated evaluation, subject to obtaining the required financing, Petroteq hopes to reach its goal of 5,000 bpd production in 2022 and 10,000 bpd in 2023.