Petroteq Energy Inc. is an oil production company that strongly advocates for pioneering energy remediation in its production procedures. Asphalt Ridge is the company’s primary production facility located south of Vernal, Utah, while its head offices are located in Los Angeles, California. The company specializes in oil production but provides offerings in other industries like mining and sand remediation.
Four years after the company’s founding in 2010, Petroteq chose the state of Utah as the location of its initial extraction facility. The state is famous for its rich oil-in-place or OIP resources, which range from 23 to 32 billion barrels, according to some reports. Also, Utah is home to 55% of the nation’s total oil deposits, which are mostly oil-wet. The state is also rich in a unique form of bitumen that contains less than 0.5%.
Dr. R. Gerald Bailey is currently the Executive Chairman and Chief Executive Officer of Petroteq Energy Inc., using his rich experience in the petroleum industry. In charge of the company’s research and development team is Dr. Vladimir Podlipskiy as its Chief Technology Officer. Dr. Donald Clark is the company’s Chief Geologist with his vast knowledge in geological sciences, research, and resource property acquisitions.
As the company strives to push for positive change in how the oil industry operates, Petroteq is working closely with other industry stakeholders. One of their strategic partners is Valkor, an investment company specializing in gas, oil, and mineral production. Both Petroteq and Valkor focus on innovative projects that take full advantage of current technologies to enhance production efforts.
Petroteq Energy created a proprietary technology called clean oil recovery technology (CORT) as part of its initiative to protect the environment during its production procedures. This technology is applicable to both oil-wet and water-wet deposits, with high-quality oil and clean sand as its outputs. CORT allows Petroteq to produce oil from oil sand without using water, which means no tailings ponds or wastewater are created.
Clean oil recovery technology has a closed-loop system, which indicates that more than 95% of the solvents used are kept. Instead of being wasted, these solvents are recovered, recycled, and reused during the extraction process. 5% of the solvents used will remain within the oil and are also extracted from the sand. CORT is used mainly for the production and extraction of sand oil, though it can remediate other resources.
Sustainability is at the heart of Petroteq Energy’s business goals, as the company holds true to its commitment to conserving the environment. Their goal is to produce quality energy to propel global economies and communities while protecting the planet. They keep on engineering solutions to minimize the risks of climate change and reverse its effects while providing world-class products and services.
Petroteq has its own website and a Twitter page where they provide insightful information about their company’s processes in helping the environment. The company goes the extra mile in fulfilling its responsibilities to its shareholders, customers, employees, and most importantly, the environment. Petroteq promises to continuously work to innovate for more efficient technologies for a greener world.