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Leveraging CORT: Opportunities beyond Asphalt Ridge (cont.)

Petroteq has recognized further CORT growth and value potential beyond oil sands production by Petroteq

A future 5,000 barrel per day oil sands plant may include MSAR® technology from Quadrise Fuels International plc to produce power grade MSAR®. Petroteq, Greenfield and ‎Quadrise believe that the use of MSAR® technology could potentially add significant value to the oil produced ‎from Utah’s oil sands.

Petroteq is also investigating other options to improve pricing on production. Plant output can be directed towards the production of asphalt during summer months, when it commands premium pricing for road construction. Utah asphalt pricing ranged between $76-$82/bbl in 2020.

Petroteq has also investigated the sale of the clean sand tailings for use as frac sand or as a cement aggregate. Initial indications are that the sand will command $15-$20/ton if sold as a frac sand. This potential additional revenue is roughly equivalent to a $10-$15 reduction in operating costs per barrel of oil produced.

Petroteq will continue to investigate opportunities to license CORT in countries that have mineable oil sands resources.