Petroteq Energy

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Petroteq Energy
Formerly
MCW Energy Group
Public
Traded asTSX-V: PQE
IndustryOil and gas
Founded2010; 11 years ago (2010)
FounderAleksandr Blyumkin
Headquarters
Toronto
Key people
Aleksandr Blyumkin (CEO)
Vladimir Podlipskiy (CTO)
SubsidiariesAccord GR Energy
Petroteq Oil Sands Recovery
PetroBLOQ
Websitepetroteq.energy

Petroteq Energy, Inc. is a Canadian oil and gas company. Petroteq Energy's oil sands extraction operations are located in Utah.[1]

History

Petroteq Energy was founded by Aleksandr Blyumkin in 2010 as MCW Energy Group.[2][3] After graduating from Odessa State University, Blyumkin started working in the energy industry on projects in Central Asia and Eastern Europe.[4] After years of research and work in the energy industry Blyumkin decided to pursue another alternative to oil sand extraction with the use of environmentally friendly technology with chemist Dr. Vladimir Podlipskiy.[5][6] Petroteq Energy was established with Blyumkin's idea of a cleaner petroleum technology and Podlipskiy's chemistry knowledge through oil sand extraction. On July 14, 2016 MCW Energy Group acquired the oil and gas exploration service company Accord GR Energy.[7] In November 2014 MCW Energy Group acquired TMC Capital which led to the acquisition of an oil-sands lease site called the Temple Mountain Project in Uintah County, Utah.[8][9] In 2017 MCW Energy Group consolidated and was renamed to Petroteq Energy. Near the town of Vernal, Utah an oil sands processing facility was opened in 2018 in the Asphalt Ridge area to process the material acquired from the Temple Mountain project.[10]

Petroteq Energy was producing 1,000 barrels of oil per day by the end of 2018 at the Asphalt Ridge facility.[11] On July 12, 2018 Petroteq Energy submitted an application to be listed on the NASDAQ.[12] In early 2020 during the COVID-19 pandemic the Asphalt Ridge plant in Utah was forced to scale back production and personnel due to problems with logistics. By September 2020 Petroteq Energy operations in Utah began to return to normal operations.[13] In July 2020 Valkor Engineering, a strategic partner of Petroteq Energy, and Aleksandr Blyumkin made an investment of $600,000 for 15 million common shares of Petroteq Energy.[14] Shares of a debt transaction of 45 million common shares was issued to Valkor Engineering in satisfaction of $1.8 million of $2.5 million owed to Valkor Engineering for previous engineering work.[15]

Operations

Image:EasternUtah1.png|thumb|right|Asphalt Ridge with Temple Mountain in the foreground. Petroteq Energy develops and implements sand oil-extraction green technology.[16] The Canadian office of Petroteq Energy is located in Toronto with American offices located in Los Angeles, California.[17] Petroteq Energy utilizes its sand oil-extraction operations in Utah.[18]

Temple Mountain

An oil sands feedstock plant called Temple Mountain is operated by Petroteq Energy. The oil sands at Temple Mountain is prepared and shipped to the nearby Asphalt Ridge Plant where it is processed.[19] The site was previously mined and operated by Temple Mountain Energy until 2014 when Petroteq Energy acquired a lease for the site.[20]

Asphalt Ridge Plant

Petroteq Energy established an oil sands plant in Asphalt Ridge, Uintah County, Utah in 2011 and upgraded the plant in 2018.[21][22] Petroteq Energy's leases in Utah are estimated to have 93 million barrels of oil.[23] The output was first set at 400 bbl per day average with a target of 500 bbl per day.[24] Petroteq Energy uses clean technology to extract heavy oil and bitumen from oil sands and mineral deposits at the plant.[25] Petroteq mines and crushes the oil-saturated sands into small chunks and then moves them along a 150-foot conveyor belt into a tank where they are mixed with solvents.[26] The mixture is then transferred to a second tank where a centrifuge spins the remnants causing the oils to separate from the sands. The clean sand is moved to a reclamation landfill and then the solvents are distilled out of the oily liquid to be recycled.[27][28]

The clean technology at the plant is intended on leaving clean residual sand that can be returned to the environment without the use of Tailings#Tailings_dams_and_ponds|tailing ponds or greenhouse gases.[29][30][31]

{[Scetion|PetroBLOQ}}

Petroteq Energy released a blockchain based oil and gas supply management platform in 2017 called PetroBLOQ. The blockchain platform was designed to be exclusively for the supply chain needs of the oil and gas sector.[32] PetroBLOQ joined the hyperledger in December 2017.[33][34]

References

  1. Krauss, Clifford (August 21, 2018). "A Plan to Unlock Billions of Barrels of Oil From Utah's Sands". The New York Times. Retrieved 27 October 2020.
  2. Wang, Brian (July 10, 2018). "BREAKING: New Tech Just Unlocked A Trillion Barrels Of Oil". Next Big Future.
  3. "Alex Byumkin, Petroteq Energy". Bloomberg.org. Bloomberg.
  4. "Aleksandr Blyumkin". Market Watch.
  5. Traywick, Catherine (July 17, 2018). "Longshot oil riches draw wildcatters to the Utah desert". World Oil.
  6. Manns, Brandon. "The World's Most Technology-Forward Oil and Gas Superstar Is Hiding in Utah". Financialtrend.com.
  7. "Accord GR Energy". Crunchbase.com.
  8. Pedigo, Erin (September 9, 2015). "MCW Energy Subsidiary Closes Temple Mountain Project Acquisition". Hart Energy.
  9. Webb, Dennis (December 23, 2016). "Energy firms in sticky situation". The Daily Sentinel.
  10. "Petroteq brings its Asphalt Ridge project online". BIC Magazine. September 27, 2018.
  11. O'Donoghue, Amy Joi (June 17, 2018). "Turning Utah's rocks into liquid gold". Desert News.
  12. Choudhury, Uttara (July 12, 2018). "Petroteq Energy stock climbs as company eyes Nasdaq up-listing". Proactive Investors.
  13. "Petroteq Energy Announces It Has Overcome COVID Supply Side Hurdles and Will Receive Necessary Equipment in September to Decrease Costs per Barrel While Increasing Capacity". The Wall Street Journal. September 24, 2020. Retrieved 21 October 2020.
  14. "Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities, Other Events". Market Screener.
  15. "Petroteq Announces Significant Insider Investment and Shares for Debt Transactions". Global News Wire. July 20, 2020. Retrieved 21 October 2020.
  16. "MCW Energy Group". The Canadian Business Journal.
  17. "PQEFF". OTCMarkets.com. OTC Markets. Retrieved 30 October 2020.
  18. "Petroteq Positions Itself as a Provider of Clean Technology for the Recovery of Oil from Oil Sands". Yahoo Finance. October 14, 2020.
  19. Maffly, Brian (June 18, 2018). "We've heard it before, but this Utah tar sands operation says it's poised to produce oil and actually make money". The Salt Lake Tribune.
  20. "MCW Energy Group Moves Into Full Production Mode as Utah Governor Gary Herbert Tours the State's First Environmentally-Friendly Oil Sands Extraction Project". News Wire.
  21. "MCW ENERGY GROUP SUCCESSFULLY CLOSES 3 MILLION USD GROWTH FINANCING FOR DEVELOPMENT OF ITS OIL SANDS PROJECT IN ASPHALT RIDGE, UTAH". IRW Press.
  22. Webb, Dennis (November 19, 2018). "Oil sands project begins in Utah". The Daily Sentinel.
  23. Choudhury, Uttara (June 19, 2018). "Petroteq Energy kicks off production at Asphalt Ridge extraction facility". Proactive Investors.
  24. "Petroteq Energy Inc". Theglobeandmail.com. The Globe and Mail.
  25. Krauss, Clifford (August 27, 2018). "Canadian firm tests new process to turn Utah sands into oil". The Seattle Times.
  26. "Petroteq Believes Its Technology Is the Key to Utah Oil Sands". Instituteforenergyresearch.org. Institute for Energy Research.
  27. Krauss, Clifford (August 21, 2018). "A Plan to Unlock Billions of Barrels of Oil From Utah's Sands". The New York Times. Retrieved 27 October 2020.
  28. "Petroteq Announces Closing of Financing, Production Increases at the Existing Facility to Reach Profitability and Expansion Plans for New 3,000 Barrel Facility". Yahoo Finance. January 6, 2020.
  29. "Petroteq Energy Announces Pre-FEED Study Confirms Lower Costs & Increased Capabilities for Company's Environmentally Benign Proprietary Technology". Associated Press. September 16, 2020.
  30. "Petroteq Energy Announces It Has Overcome COVID Supply Side Hurdles and Will Receive Necessary Equipment in September to Decrease Costs per Barrel While Increasing Capacity". Associated Press. September 24, 2020.
  31. Webb, Dennis (November 19, 2018). "Oil sands project begins in Utah". The Daily Sentinel.
  32. "Petroteq Delivers Oil to the Market". Oilman Magazine. November 14, 2018.
  33. "SOCAR Energy Joins Petrobloq's Oil & Gas Blockchain-Based Consortium". Reuters. May 21, 2018.
  34. "PetroBloq merges with Hyperledger Conglomerate". Coinwire. Retrieved 27 October 2020.

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