US Selling Record Levels of Emergency Oil Reserves, Can Oilfield Services and Tech Stocks Keep Up
FN Media Group Presents USA News Group News Commentary
VANCOUVER, BC, April 13, 2022 /PRNewswire/ -- USA News Group –In response to the global energy crisis, the Biden administration is selling a record amount of emergency oil from the USA's national reserves to bring soaring fuel prices under control. Despite these efforts there's a growing skepticism over whether unconstrained US gas production can last. However, because of ~$100 oil and large gaps in renewables, fossil fuels remain crucial to the western way of life. Demand continues to outpace production, causing the market to look for big oil and new technology developers to fill the gap. According to Baker Hughes Company (NASDAQ:BKR), the US rig count has been steadily rising, meaning the domestic market is quite active. Examples of heightening domestic action includes new developments from other oilfield services and technologies companies such as Petroteq Energy, Inc. (OTCPK:PQEFF), Enservco Corporation (NYSE:ENSV), Halliburton Company (NYSE:HAL), and Schlumberger Limited (NYSE:SLB).
Among the newer technologies being developed that could potentially make a huge impact on US production is the Clean Oil Recovery Technology (CORT) process, developed by Petroteq Energy, Inc. (OTC:PQEFF) and proven to produce oil from oil sands without the use of water, nor producing wastewater nor tailings ponds.
"Confirmation that heavy oil extracted from Utah oil sands using our CORT process is suitable for production of MSAR and bioMSAR fuels could allow for the production of fuel and biofuel with significant environmental benefits, while creating a higher value product stream for Petroteq's future commercial production," said Vladimir Podlipsky, Petroteq's CEO and CTO.
Using this proprietary oil-extraction and remediation technology, Petroteq has updated and completed the design for a planned oil sands extraction plant, capable of handling 5,000 barrels per day with Valkor, LLC.
Back in July 2019, Valkor signed a Technology License Agreement with Petroteq and has been operating at the plant in Utah, under a Service Master Agreement signed in November 2018.
Following the update to the original front end engineering and design (FEED), Valkor conducted various additional design studies to prepare the final engineering plans.
A primary part of the process included a design study with M-I SWACO, which is a subsidiary of Schlumberger Limited (NYSE:SLB), for the backend processes for separating out and drying sands for resale.
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