Petroteq hopes it can disrupt the oil and gas sector by developing oil sand technologies that are environment friendly after aggressive demands from European brokers. It’s a bold disruption happening in Utah.
The advent of green and sand based oil production is about to happen finally after being talked about for decades. With oil prices fluctuating consistently and impacting global economies, in a sudden turn of events; oil brokers focusing on Zero Waste oil sand production technologies were driven to Bundesanzeiger, the official division of department of Justice and Consumer in Germany after seeing aggressive demands to buy shares in Petroteq.
Overcoming the previous activism and resistance, Petroteq Energy; a Canadian startup operating primarily out of Utah, is disrupting the oil and gas sector through its patent pending CORT technology.
OIl and gas sector has always struggled to shrug off its image as the prime villain for causing extreme damage to nature and environment. New oil extraction orders have often caused political storms and seen intense protests from environmental activists. These haven’t impressed the wall street and oil companies much. And little wonder, these companies and their boards have always remained the targets of environmental and nature activists.
As it stands; Petroteq is a clean technology company focused on the development and implementation of a new proprietary oil extraction and remediation technologies. The Company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and bitumen from oil sands, oil shale deposits and shallow oil deposits.
As it stands, this sector long needed a disruption in its production technologies to ward off these protests and activism. As it stands; CORT by Petroteq eliminates waste tailing ponds, emissions, use of water and removes 99% of hydrocarbons from oil sands. The economic potential of CORT is enormous but what truly excites the oil and gas companies is the innovation Petroteq has brought to the industry. CORT is helping oil and gas companies achieve something that seemed implausible yet impossible a few years ago, Says, Alex Blyumkin; a oil and gas industry veteran and CEO of Petroteq.
For Petroteq, the hazardous challenges in O&G industry are not a secret. Oil and Gas companies, behemoths and smaller ones alike; have always struggled with ways that can prevent environmental damages during production. This sector has always faced uphill battles per se water wastage, wildlife protection, increased emissions etc.
After reviewing all available information, the Petroteqs's management notified its board of directors which directed management to contact the Uppgard Konsult AB, Sweden, the party identified in Bundesanzeiger, to request additional information about the proposed offer.
And then comes the importance of hydrocarbons and EPA identified tier levels of oil sand. This is where CORT by Petroteq could be of best use to the oil and gas industry focused firms operating out of places like Utah and other american cities.
CORT extracts almost 99% of hydrocarbons and thereby allows Petroteq and other oil and gas sector companies to reach EPA 1 levels of oil sand and this sort of unexpected outcome gives CORT remediation capabilities. For Petroteq and oil and gas industry verteran Alex Blyumkin, CORT isn’t the only thing that differentiates them. CORT seems less expensive than it appears.
Alex Blyumkin says, the privileges of being placed in Utah gives them and other oil and gas sector companies a very unique positioning because oil sands in Utah contain little to no sulfur and meets IMO 2020 standards. Being on par with the productions from Bakken and the Permian Basins further the claims of Utah oil sands being a heavy oil resource.
Surface oil sand mining has been on the rise and currently there are over 25 countries actively indulging into it. This means companies with focus on surface oil sand mining have over 1.2 trillion barrels of untapped oil. No wonder companies like Petroteq and others in the oil and gas sector are aggressively focusing on increasing their oil production apart from licensing and leasing out CORT to other large scale producers.
Petroteq did not have prior knowledge of this aggressive shift in share buy offer, nor was it able to perfectly comment on the legitimacy or legal compliance of this share offer. Alex Blyumking confirmed that Petroteq only became aware of it upon being notified by several shareholders.
We reached out to Uppgard Konsult AB in regards to this offer and they neither confirmed nor denied making any filings in relation to the offer under the Securities Exchange Act of 1934, as amended, or under applicable Canadian securities legislation.
Oil and gas industry has hit an inflection point with CORT. CORT as a zero waste oil sand production technology has made commercialization and leasing opportunities possible for companies. Little but no wonder Petroteq is making a bet on Zero waste oil sand production and thereby allowing other oil and gas sector companies to diversify their core business models and revenue streams.