Record Exports of US Oil and Petroleum Reached, Despite Majors Holding Off Production Growth

FN Media Group Presents USA News Group News Commentary

VANCOUVER, BC, May 3, 2022 /PRNewswire/ -- USA News Group – When surveyed by the Federal Reserve Bank of Dallas, executives at 141 oil companies offered many reasons their companies weren't pumping more oil, including worker shortages, sand shortages, and that investors didn't want to hasten an early end to the high prices. Despite calls from the US Energy Secretary that oil and gas output will continue to increase, many of the largest producers haven't indicated any urgency to grow. Where there is growth, it's being seen in places like the Gulf of Mexico, where majors such as BP (NYSE:BP), Shell (NYSE: SHEL), and Murphy Oil (NYSE: MUR), as well as in Utah, where Crescent Energy (NYSE: CRGY) and Petroteq Energy (OTCPK: PQEFF) are working to develop previously lesser-desired basins.

A report in the New York Times back in 2018 titled A Plan to Unlock Billions of Barrels of Oil From Utah's Sands, described the incredible potential of the state's underdeveloped oil reserves. At that time, Utah accounted for just 1 of every 100 barrels of US oil produced nationwide, and now accounts for 13 in every 100 barrels of crude oil produced in the Rocky Mountain region.

Featured throughout the NYT piece was Petroteq Energy, Inc. (OTC Pink: PQEFF), which has continued to develop its Clean Oil Recovery Technology (CORT) process, having proven it's capable of producing oil from oil sands without the use of water, nor producing wastewater nor tailings ponds. The Petroteq technology is unique because it produces no emissions, and uses a facility that has a small land footprint.

"Our management team is pleased that Petroteq has unlocked an economically feasible process that is eco-friendly, which I believe positions our company to contribute to solving the global energy crisis," said Petroteq's CEO and CTO, Vladimir Podlipsky, PhD.

Recently the company updated and completed their design using this proprietary oil-extraction and remediation technology for a planned oil sands extraction plant, capable of handling 5,000 barrels per day with partners Valkor, LLC.

Petroteq's proposal is for a combined unit a turnkey system to handle as much as 8,000 tons of sand per day with a target of EPA Tier 1 quality for the resulting sand—a crucial commodity that's caused alarm for its global shortages.