Ecoteq Energy ASA, a clean-tech energy company based on Oslo, Norway, has signed agreements for the development of its oil and gas properties in the Uinta Basin of Utah. Ecoteq said it signed three agreements with Katy, Texas-based oil and gas infrastructure company Valkor LLC: an engineering, procurement and construction agreement for its upcoming production units, a management operations and services agreement, and a framework agreement that secures future reserves and Ecoteq’s growth for the Utah properties.
Civil work is scheduled to begin in April, with an anticipated production by the second quarter of 2025.
“By 2025, we aim to commence the sustainable production of bitumen from our initial production unit, that will offer a level of eco-friendliness that we hope will have a positive contribution to global environmental efforts,” said Lars-Erik Bengtsson, CEO of Ecoteq Energy.
The first production unit is expected to produce 500 barrels per day (bpd), based on an anticipated oil saturation of 10 percent by weight. Upon the successful implementation of the first unit, the plan is to jointly scale up to a 5,000-bpd operation by the end of 2026. The total proven and probable reserves exceed 100 million barrels, Ecoteq said.
“This co-operation with Ecoteq marks a pivotal step forward and allows us to further develop the vast resources that are present in our region in a ground-breaking environmental way,” said Valkor CEO Steven Byle. “This speeds up our process in developing and monetizing our presence in Utah and advancing our strategy to pioneer the development and production of bitumen from the abundant oil sands in the region.”