Petroteq Energy

Petroteq Energy, Inc. is a Canadian oil and gas company. Petroteq Energy's oil sands extraction operations are located in Utah.
Petroteq Energy was founded by Aleksandr Blyumkin in 2010 as MCW Energy Group. After graduating from Odessa State University, Blyumkin started working in the energy industry on projects in Central Asia and Eastern Europe. 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. 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. 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. 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.
Petroteq Energy was producing 1,000 barrels of oil per day by the end of 2018 at the Asphalt Ridge facility. On July 12, 2018 Petroteq Energy submitted an application to be listed on the NASDAQ. 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. 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. 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.
Image:EasternUtah1.png|thumb|right|Asphalt Ridge with Temple Mountain in the foreground.
Petroteq Energy develops and implements sand oil-extraction green technology. The Canadian office of Petroteq Energy is located in Toronto with American offices located in Los Angeles, California. Petroteq Energy utilizes its sand oil-extraction operations in Utah.
===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. The site was previously mined and operated by Temple Mountain Energy until 2014 when Petroteq Energy acquired a lease for the site.
===Asphalt Ridge Plant===
Petroteq Energy established an oil sands plant in Asphalt Ridge, Uintah County, Utah in 2011 and upgraded the plant in 2018. Petroteq Energy's leases in Utah are estimated to have 93 million barrels of oil. The output was first set at 400 bbl per day average with a target of 500 bbl per day. Petroteq Energy uses clean technology to extract heavy oil and bitumen from oil sands and mineral deposits at the plant. 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. 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.
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.
{[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. PetroBLOQ joined the hyperledger in December 2017.
Category:Natural gas companies of Canada
Category:Oil companies of Canada
Category:Petroleum industry