Ecoteq Energy ASA and Valkor LLC secure long-term agreements for production in Utah, USA
Civil works are scheduled to begin in April 2024, with an anticipated completion by Q2 2025.
- Civil works are scheduled to begin in April 2024, with an anticipated completion by Q2 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," states Lars-Erik Bengtsson, CEO of Ecoteq Energy.
- The first production unit is expected to produce 500 barrels per day (bpd), based on an ore oil saturation of 10% by weight.
- Our alliance with Valkor extends beyond this venture, as we foresee the joint development of additional prospects within the Uinta Basin," adds Bengtsson.