Solvent technology is ready for commercial deployment
CALGARY, March 7, 2017 /CNW/ - Nsolv Corporation (Nsolv) today announced it has completed the optimization phase of its pilot project, with exceptional results. The pilot is now entering its final stages, which will provide critical shutdown data to optimize the economic and environmental benefits for a commercial-scale project.
Launched in January 2014 near Fort McKay, Alberta, Nsolv's pilot project has proven to be robust and reliable, while achieving all key performance indicators. The project has produced more than 125,000 barrels of oil while generating very little greenhouse gas emissions and using no water. Over the life of construction and operation of the pilot, Nsolv recorded no safety or environmental incidents.
The pilot has proven that the technology not only works – it provides a real solution to the challenges of heavy oil extraction.
"I believe that our results are shifting the paradigm for the future of the oil sands industry," said Joe Kuhach, CEO of Nsolv. "Our technology extracts heavy oil while protecting the environment and providing economic benefits to industry and government, even when oil prices are low."
As compared to traditional extraction methods such as steam-assisted gravity drainage (SAGD), Nsolv's pilot demonstrates that at commercial-scale application, the technology can generate a higher return on investment due to lower capital and operating costs. It also produces a partially-upgraded, higher-quality oil product at rates comparable with SAGD.
Additionally, Nsolv provides access to otherwise inaccessible shallow resources and because of the much lower greenhouse gas intensity, allows up to 800,000 barrels per day greater oil production under Alberta's 100 mega-ton carbon cap.
"This is a pivotal time for Nsolv," said Kuhach. "We have achieved our goals with the pilot, we are continuing to learn and we are advancing discussions with a number of companies regarding potential commercial-scale projects."
"We are extremely pleased with the performance of the Nsolv pilot project," said John Bianchini, President and CEO of Hatch, which is Nsolv's largest shareholder. "As a key influencer in Nsolv's growth and development, Hatch is ready to support the next phase of commercial efforts."
Nsolv expects to complete shutdown of the pilot by mid-2017.
Nsolv is a privately-owned Canadian clean-tech energy company devoted to solving the operational and environmental challenges of heavy oil extraction. With the support of its shareholders, Hatch Ltd., Enbridge Inc. and Nenniger Inc., the company has patented warm solvent technology for in-situ projects that produces a higher quality, cleaner oil product, reduces the cost of accessing challenging reservoirs and cuts greenhouse gas emissions dramatically. Nsolv was recognized at the 2016 Global Petroleum Show Awards, receiving the Innovation in Technologies Award. The company's leadership team has won Clean50 and Clean16 awards from Delta Management Group. With proven technology, Nsolv is primed for further partnerships, joint ventures and license agreements. For more information, visit www.nsolv.ca.
Joe Kuhach, CEO of Nsolv, is available for interviews.
For further information: For all media inquiries, please contact: Maddie Handy, Edelman, 403-817-0621, [email protected]