- Improvements to Utah plant expand capacity to 1,000 barrels per day
- Environmentally safe, sustainable patented oil sands extraction technology
- Development of PetroBLOQ technology set to improve supply chain management efficiency in oil and gas industry
- Global oil shale market valued at over $13 billion in 2018, with North American producers expected to dominate
Petroteq Energy Inc. (TSX.V: PQE) (OTCQX: PQEFF), a leading developer and provider of proprietary technology for the energy industry, is at the forefront of developing an environmentally safe solution for extracting shale oil as demand for the natural resource accelerates. The global oil shale market is valued at over $13 billion in 2018 and is expected to register a CAGR of 5.8 percent over the next decade, with North American producers leading the way (http://ibn.fm/PtBLx). Petroteq Energy, which has reached several important milestones in its strategic growth plan, has completed improvements to its Asphalt Ridge Utah Plant that will expand capacity to 1,000 barrels per day. Among the improvements are the installation of new pumps and a motor control center to improve efficiency, as noted by Petroteq CEO Alex Blyumkin.
“The reassembly of the plant at the new location reduces our costs going forward compared to the prior location. The new location, along with the addition of the new motor control center and new pumps to move our proprietary environmentally safe solvent and oil more efficiently puts us in a position to begin ramping up production next quarter,” Blyumkin said in a news release. “The new site also delivers on our promise to recover oil in a manner that has minimal environmental impact.”
Petroteq Energy’s unique, patented shale oil extraction process marries the goal of delivering a profitable product with the company’s vision of environmental stewardship. Petroteq is focused on maximizing the efficiencies and green features of its oil extraction technology, which requires no water, high temperatures or pressure and creates no greenhouse gases. The closed-loop system boasts a 99 percent average oil extraction rate and leaves behind processed, clean sands that can be sold or returned to the place of origin. This concept of employing innovative technologies that produce oil while leaving a very small environmental footprint is a Petroteq Energy specialty (http://ibn.fm/maC4A).
The company is also cutting down on production and supply chain costs through its subsidiary, PetroBLOQ LLC, which is seeking to develop a blockchain-based supply chain management platform for the oil and gas industry. The PetroBLOQ initiative has already attracted Pemex, Mexico’s state-owned petroleum company and one of the world’s top petroleum producers, as a consortium member (http://ibn.fm/FTqRI). The energy industry as a whole is looking hard at technology to help identify cost savings and minimize the impact that energy production has on the environment, according to an article in Oil & Gas Technology (http://ibn.fm/4y9yG). Petroteq Energy and its PetroBLOQ subsidiary offer the promise of improving efficiency, transparency and security in an industry that must constantly mitigate evolving geopolitical influences and market fluctuations.
For more information, visit the company’s website at www.Petroteq.energy
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