BREAKING: New Tech Just Unlocked A Trillion Barrels Of Oil

[endicom]

Next Big Future
Brian Wang
July 10, 2018

“Heavy Oil” is basically a dirty word in the energy world.

But that’s all about to change.

Technology company Petroteq Inc. is using a new proprietary Enhanced Oil Recovery (EOR) system that could completely revolutionize oil sands extraction. This technology just might be the key to unlocking the next wave of the energy boom leading to domestic energy independence.

Through a closed-loop system, Petroteq’s EOR can extract 99 percent of all hydrocarbons without releasing ANY greenhouse gases.

More... https://www.nextbigfuture.com/2018/07/breaking-new-tech-just-unlocked-a-trillion-barrels-of-oil.html

[Bigun]

I have often heard that science and technology will overcome ignorance and superstition every time.  I suspect that is true.

[endicom]

I have often heard that science and technology will overcome ignorance and superstition every time.  I suspect that is true.

There are disclaimers at the bottom of the article but this does look good.

[truth_seeker]

So is the company going to be a big stock market winner?

Petroteq

[endicom]

So is the company going to be a big stock market winner?

Petroteq

If they can walk the talk.

[Weird Tolkienish Figure]

When will the Green River formation be tappable?

[IsailedawayfromFR]

The article is hyping bigtime.

Recovery of 99% of OOIP? That is a laboratory figure, never economically in practice.

Economic at $28/bo?  Unlike producing oil from wells, oil sands require earth moving equipment to extract the sands similar to mining iron ore.  This is costly and has a myriad of environmental challenges far greater than producing wells.

There is zero possibility that one can get the entire life cycle from in situ to down a pipeline commercial for oil sands at $28 per bo.

[thackney]

When will the Green River formation be tappable?

@Weird Tolkienish Figure

There is a big difference between shale oil and oil shale.

We are currently producing shale oil, oil "naturally" released from shale formation. 

Oil shale is a shale that contains kerogen, an "oil-like" substance that has to have the rock heated up to release.  It is cooked out of the rock.

Oil shale is geologically immature compared to plays like the Bakken.  Some of our experts can give better terminology.

https://www.investopedia.com/articles/investing/080715/difference-between-shale-oil-and-oil-shale.asp

[thackney]

The article is hyping bigtime.

Recovery of 99% of OOIP? That is a laboratory figure, never economically in practice.

Economic at $28/bo?  Unlike producing oil from wells, oil sands require earth moving equipment to extract the sands similar to mining iron ore.  This is costly and has a myriad of environmental challenges far greater than producing wells.

There is zero possibility that one can get the entire life cycle from in situ to down a pipeline commercial for oil sands at $28 per bo.

Note:  Petroteq technique is for oil sands that is mined first.  Not producing in situ.



https://petroteq.energy/technology/oil-sands-extraction

[Restored]

I have often heard that science and technology will overcome ignorance and superstition every time.  I suspect that is true.

Not true. All it takes is a mob to dismiss science as "bigoted" and science becomes irrelevant.

[catfish1957]

Not saying this is bogus, but some of the buzzwords in the article that make it come across as snake oil.

Extracting without high temps/pressures?  How expensive or is it to make this  chemical extractant?  What are the subsurface impacts? Logistics of ore management...   storage and disposal?  Evaporative solvents are involved?....   How much are they entrained in product, and how will they play out in the refining process?  (Equipment impacts).

Still color me skeptical.

[Bigun]

Note:  Petroteq technique is for oil sands that is mined first.  Not producing in situ.



https://petroteq.energy/technology/oil-sands-extraction

Are the mining and waste disposal costs included when they say they can profitably produce the oil @ $28 per barrel?

[catfish1957]

Are the mining and waste disposal costs included when they say they can profitably produce the oil @ $28 per barrel?

Also I wonder if they have accurately quantified the horrendous equipment cost (conveyors, cranes, etc.) in overhead?

[Bigun]

Also I wonder if they have accurately quantified the horrendous equipment cost (conveyors, cranes, etc.) in overhead?

And the maintenance costs involved with all that!  I think I'll wait a while before I jump on this as an investment.

[Joe Wooten]

And the maintenance costs involved with all that!  I think I'll wait a while before I jump on this as an investment.

That is one bigass beef I always had with prototype/research folks. They tend to not think about maintenance on the processes they design and sell to management, then when the costs go up they blame the production people for the increased costs.

[Bigun]

That is one bigass beef I always had with prototype/research folks. They tend to not think about maintenance on the processes they design and sell to management, then when the costs go up they blame the production people for the increased costs.

Believe me when I tell you that I learned the hard way what questions to ask.

[Weird Tolkienish Figure]

@Weird Tolkienish Figure

There is a big difference between shale oil and oil shale.

We are currently producing shale oil, oil "naturally" released from shale formation. 

Oil shale is a shale that contains kerogen, an "oil-like" substance that has to have the rock heated up to release.  It is cooked out of the rock.

Oil shale is geologically immature compared to plays like the Bakken.  Some of our experts can give better terminology.

https://www.investopedia.com/articles/investing/080715/difference-between-shale-oil-and-oil-shale.asp

You didn't answer my question. There are immense hydrocarbons locked up in those oil shale formations. Was just curious about them.

[thackney]

You didn't answer my question. There are immense hydrocarbons locked up in those oil shale formations. Was just curious about them.

Fair enough.  I was trying to point out it is a very a different topic.  Oil Shale may be closer to coal than the shale oil of the Bakken.  Coal can be processed into liquid fuel as well.  Like Oil Shale, it is expensive requiring significant investment of energy to process.

[IsailedawayfromFR]

You didn't answer my question. There are immense hydrocarbons locked up in those oil shale formations. Was just curious about them.

Oil shales have been looked at for years to unlock the oil economically.  Among other techniques, I recall Shell being prominent in investigating in situ ways to produce the oil rather than conventional mining.  See https://www.energy.gov/sites/prod/files/2013/04/f0/SecureFuelsReport2011.pdf

It is difficult to get this oil out as retorting requires 5,000 deg F, a difficult task to achieve.

That is why $28/bo is not a realistic figure quoted in referenced thread article.

[Joe Wooten]

Believe me when I tell you that I learned the hard way what questions to ask.

Oh I believe you. I learned the same hard lesson......

[IsailedawayfromFR]

Oh I believe you. I learned the same hard lesson......

I bet the $28/bo number they quoted is nothing more than the retorting of the shale and includes zero cost to actually extract and transport the rock.

[Joe Wooten]

I bet the $28/bo number they quoted is nothing more than the retorting of the shale and includes zero cost to actually extract and transport the rock.

Agreed! They aso probably did not include the cleanup and waste costs either...........

[Bigun]

Agreed! They aso probably did not include the cleanup and waste costs either...........

That's what they do when trying to separate gullible people from their investment money.  One of the main reasons I caution people against investing in things they know little if anything about.

[IsailedawayfromFR]

Agreed! They aso probably did not include the cleanup and waste costs either...........

which is considerable.

This type of process we will be able to use decades from now when oil is a scarcer commodity.

[Smokin Joe]

When will the Green River formation be tappable?

Oh, 50 million years or so.....

Everything else will be cheaper to produce.