A new joint venture owned on 50/50 basis between TomCo and Valkor.
In December 2019 TomCo signed a memorandum of understanding with Valkor LLC, a global engineering procurement construction and installation specialist, to work on the development of a new process for oil sands separation.
On 19 June 2020 TomCo announced the formation of a new joint venture called Greenfield Energy LLC, owned on 50/50 basis between TomCo and Valkor.
Valkor bring expertise from its experience working with Petroteq Energy, an oil sands specialist also based in Utah, which uses its own proprietary separation process. Valkor holds a licence to use the Petroteq process within the USA. Under the Greenfield JV TomCo and Valkor will apply this technology to establish a 10,000 barrel per day production facility once the technology has been fully validated and a suitable location for oil sands extraction has been identified.
This process has a number of advantages over conventional oil sands separation techniques:
- A modular, scalable extraction plant
- Lower start-up capex
- Lower water requirement
- By-product of clean sand, requiring no expensive remediation
- Output of sweet (low sulphur) heavy oil, potentially suitable for use as marine bunker fuel, with no further refining