Recently Oilprice.com have been promoting a company called Petroteq who have supposedly developed a low cost solvent extraction process for tar sand bitumen, with claims of production costs in the low $20 per barrle equivalent.
I am always sceptical of such claims and delved deeper, finding the patent owned by Petroteq and some similar patents from Exxon and Shell. I made a critical response to the Oilprice.com article which were never published, not surprising as Oilprice.com often feature companies which border on a pump and dump exercise.
As ever the patent is written in typical patent prose bu the cut and thrust is a dul solvent approach most likley using petane and an oxygenated solvent like acetone, though it could also be an alcohol (unlikley) or an ester.
Exxon has a prior patent using pentane and acetone, or heptane and acetone. To the best of my knowledge Exxon have not made any ridiculous claims about low cost extraction and so far appear not to be currently using this process technology, which is not surprising.
Looking at this company and some of the other claims of blockchain technology makes me uncomfortable - The word scam comes to mind. Anyone thinking of investing in this company would do well to do their homework, particularly on the management team. This type of company follows a well trodden path. Make some claims of some technological breakthrough. Repeat it enough and build some pilot facility and repeat the claim. Pump up the company and then go for an IPO. Sell up and move on. Familiar. Try Sulphco, Kior. and Solazyme for a start. This one will be next.