Dr. Jerry Bailey tells the story of Petroteq Energy on how they are becoming a player in the oil and gas industry due to technology.
This one-of-a-kind oil production technology that has the potential to unlock millions of barrels of oil in the oil sands in Utah and Canada. Bailey believes this technology will one day be used in the conventional shale plays too.
Using proprietary technology that employs a closed-loop system and a unique solvent that cleanly extracts heavy oil, Petroteq’s new system removes 99 percent of all hydrocarbons sand, requires no water, and generates no greenhouse gas emissions.
According to Bailey, this is all being done for under $30 per barrel.
The oil sands in Utah’s Unitah basin has been difficult for oil producers to tap into its estimated 32 billion barrels. Worldwide, there are opportunities for the licensing of this breakthrough oil sands tech, according to Bailey.
Canada alone has over 170-billion barrels of oil trapped in Alberta’s oil sands. While the technology has proven to work best for dry oil sands, which is found in most of these listed countries, it may eventually be /modified to be used in wet oil sands too, like those in Canada.
Bailey also talks about Petroteq’s entrance into the blockchain game.
Utilizing the same blockchain technology as used by IBM, rated the world’s top blockchain company, Petroteq has formed a consortium under the name of PetroBLOQ.
