Petroteq Energy Inc., the oil shale producer and developer of the Asphalt Ridge extraction plant near Vernal, has announced that it has exceeded a production rate of 300 barrels per day, a goal that the company says means the plant is now operating on a break-even basis.
The Asphalt Ridge facility resumed operation on Feb. 19, following maintenance shutdown to adjust the process and install new equipment. Valkor Engineering, the company installing the plant, said it also used the shutdown to evaluate what it needs to expand the facility to its future production goal of 4,000 barrels per day.
Petroteq said the current plant configuration gives it the flexibility to produce a wide range of oils in order to cater to the needs of its customers. The plant is currently producing oil that meets the specifications for West Texas intermediate, also known as Texas light sweet, a grade of crude oil used as a benchmark in oil pricing. This grade is described as light crude oil because of its relatively low density and sweet because of its low sulfur content.
Petroteq also said it has completed additional staff training in anticipation of implementing dual shift operations as a result of anticipated increased production resulting from various engineering improvements during the recent shutdown.
Crude oil from Asphalt Ridge is being refined into naphthas, diesel fuel, gas oils and asphalt at Foreland Refining Corp.’s Eagle Springs Refinery located in central Nevada.
“The company has been working with our engineering partners to improve production levels while still maintaining our high-quality oil,” said Alex Blyumkin, executive chairman of Petroteq. “We have also been conducting engineering and process testing that is critical in moving us toward our target expansion of 4,000 barrels per day in capacity. The work carried out this last month has been extremely beneficial in terms of increasing productivity.”