OTCPK:GNOLF - Post by User
Comment by
danrouon Jul 26, 2009 5:06pm
320 Views
Post# 16167035
RE: Saudi Arabia heavy oil
RE: Saudi Arabia heavy oilI revisited some numbers DL gave in a previous PR: Quite alarming! Basically, it means that we are out of proven oil reserves in about 41 years (assuming a consumption of 85 million barrel / day)...and 13 years left if light oil was the only feed...
David Lifschultz, Genoil's Chairman and Chief Executive Officer, said,
"Genoil's hydroconversion upgrader is one of the most important and
successful technologies developed to increase the production of sour
heavy crude oil and convert it into sweet light oil. Our technology
successfully removes the majority of sulfur, nitrogen and heavy metals
from sour heavy oil in the refining process. Genoil's hydroconversion
upgrader transforms heavy oil to much lighter oil and makes it easier to
transport the oil to refiners and refine into gasoline, jet fuel and
diesel. Currently, there are many refineries in the world. Of these, only
the minority have the capabilities and capacity to refine heavy oil.
Genoil is working with not only the refiners but integrated oil producers
to attach Genoil's hydroconversion upgraders to their projects.
Furthermore, there are only 400 billion barrels of light oil globally
versus 900 billion barrels of heavy oil, and with the global consumption
of oil projected to grow rapidly over the next decade due to increased
consumption from China and India developing heavy oil reserves becomes
increasingly important to meet global demand for energy. At the present
time the rapidly depleting resource of 400 billion barrels of proven
light oil will have to be replaced by the 900 billion barrels of heavy
oil and the Genoil GHU technology that is now enhanced by the additional
patent can open up the additional heavy oil reserves."