CALGARY, Aug. 3, 2016 /CNW/ - Nsolv Corporation (Nsolv) is pleased to announce that its clean technology pilot project in Fort McKay, Alberta has now produced over 100,000 barrels of partially upgraded, transportable heavy oil. The pilot project launched in 2014 in order to demonstrate the company's solvent-based heavy oil extraction technology at field-scale.
"This is a major milestone for Nsolv," said Joe Kuhach, CEO of Nsolv. "We have successfully demonstrated our technology and met all key performance indicators. The next phase of the pilot will focus on optimizing for a commercial demonstration project."
Nsolv achieved the production milestone despite having to shut down operations for six weeks due to the Alberta wildfires. Kuhach said that the company's ability to bring the pilot back online quickly speaks to the technology's resilience compared to other production methods.
Nsolv has many benefits and offers greater economic returns. It uses no water and reduces greenhouse gas (GHG) emissions by about 75 per cent compared to existing extraction methods. The process uses very little natural gas to heat the solvent, lowering the amount of energy required to remove the oil from underground. Additionally, it leaves many of the heavy contaminants behind within the reservoir, minimizing waste products. Because the oil is partially upgraded, fewer diluents are needed for shipping to market.
Nsolv technology is a game-changer for the oil and gas industry because it delivers these environmental benefits along with improved economic performance. Even in today's low oil price environment, the technology is commercially viable. Unlike Nsolv, other extraction methods are not sustainable at a scale of 5,000 to 10,000 barrels per day.
These benefits, coupled with the pilot's success, have helped Nsolv garner the attention of both industry and government. In March 2016, the company was awarded $13 million in grant funding from Sustainable Development Technology Canada (SDTC) to help bring the clean technology to market. Nsolv was also recognized at the 2016 Global Petroleum Show Awards, receiving the Innovation in Technologies Award, and the company's leadership team has won Clean50 and Clean16 awards from Delta Management Group.
Nsolv is a privately-owned Canadian, clean-tech energy company devoted to solving the operational and environmental problems of heavy oil extraction. The company has patented warm solvent technology for in-situ projects that produces a higher quality oil product from hard to reach reservoirs for a fraction of the cost, all the while doing better for the environment. With proven technology, Nsolv is now primed for further partnerships, joint ventures and license agreements. For more information: www.nsolv.ca.
Joe Kuhach, CEO of Nsolv, is available for interviews.
Image with caption: "Nsolv’s pilot project in Fort McKay, Alberta, seen here, has produced its 100,000th barrel of oil using solvent-based heavy oil extraction technology. (CNW Group/Nsolv)". Image available at: http://photos.newswire.ca/images/download/20160803_C7730_PHOTO_EN_746657.jpg
For further information: Stephen Kent, Edelman, 403-817-0642, Stephen.email@example.com