Ecoteq Energy ASA and Valkor LLC secure long-term agreements for production in Utah, USA

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Dec 07, 2023, 07:33 ET

OSLO, Norway, Dec. 7, 2023 /PRNewswire/ -- Ecoteq Energy ASA, a forward-thinking clean-tech energy company developing an environmentally friendly oil and bitumen production process with its main assets in Utah, USA, is announcing the signing of three agreements with industry leader Valkor LLC, an Engineering, Procurement, and Construction (EPC) agreement for its upcoming production units, a Management Operations and Services agreement and a Framework Agreement that secures future reserves and Ecoteq's growth potential in the region.

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. 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 (2P) reserves exceed 100 Million barrels.

"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. 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," says Valkor LLC CEO, Steven Byle.

"Considering the reserves encompassed in this agreement and the unique qualities of the region, we are positioned to sustain significant production levels for decades to come. Our alliance with Valkor extends beyond this venture, as we foresee the joint development of additional prospects within the Uinta Basin," adds Bengtsson.

For additional information, please contact:

Lars-Erik Bengtsson, CEO of Ecoteq Energy
Email: [email protected]
Phone: +47 934 86 906

About Ecoteq Energy ASA

Ecoteq Energy ASA is a forward-thinking clean-tech energy company, headquartered in Oslo, Norway, and a subsidiary in the USA. Our primary dedication lies in pioneering environmentally friendly, locally produced energy solutions.

Ecoteq Energy is listed on the NOTC A-List in Norway under the ticker ECOT

About Valkor LLC

Valkor LLC is a US-based services company, with expertise in the area of oil and gas processing, providing engineering, design optimization, construction, supply, installation, product marketing, logistics and various other services. Headquartered in Utah USA since 2018 Valkor has the technical capability of scaling up the Oil Sands Technology with substantial expertise in design automation and the modularization of oil and gas plants

SOURCE Ecoteq Energy ASA