Petroteq’s Oil Extraction Plant Nears Completion and Full Production
Oil sands extraction innovator Petroteq Energy, Inc., forecasts that by the second half of 2018, its heavy oil extraction facility located in Asphalt Ridge, Utah, will be operating at full capacity, producing 1,000 barrels of oil per day (BOD).
This is despite some minor logistical issues surrounding construction and electrical materials, which delayed the project only minimally, according to Petroteq CEO David Sealock.
“The facility should be in full commissioning and start-up operations in the second and third week of June,” Sealock said in a press release. “Because we are on track to initiate operations prior to the end of quarter two of 2018, I am delighted that the full financial impact of 1,000 BOD production will be realized by Petroteq in the second half of 2018. This is a momentous event in the evolution of Petroteq as a company.”
The construction and testing of the oil extraction facility have been moving along largely at pace. There have been no lost time incidents on site since April 25, and the final construction activities are nearing completion. The foundations for the feedstock ore crusher and conveyor system have been completed and transferred to the commissioning and start-up team, and the tank farm is in the process of being transferred to the team as well. The extraction/distillation column will be handed off to the commissioning and start-up team in early June.
Petroteq is also completing the final topographical survey and mining plan for the mining site operations, and the operations and mining teams are preparing for all required Mine Safety and Health Administration (MSHA) certifications and training.
Representatives of the Utah Division of Oil, Gas, and Mining (DOGM) visited the plant on May 21 for a pre-operations site inspection and to review the project’s alignment with DOGM guidelines and regulations.
Once it is up and running, the facility will leverage Petroteq’s unique, continuous-flow, closed-loop extraction technology to produce oil. The technology utilizes no water, produces no greenhouse gases, and requires no high temperatures or pressures. It extracts up to 99 percent of all hydrocarbon contents and recycles up to 99 percent of the benign solvents involved in the process.
Learn more about Petroteq: https://bit.ly/2JzZJ5L
Recruiter.com regularly features reviews, articles, and press releases from leading companies and may list clients with which we have a commercial relationship. Please treat this article for general informational purposes only and not as financial or legal advice.