MONTREAL, Feb. 18, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSXV: PYR.V), a TSX Venture 50® clean-tech company (the "Company" or "PyroGenesis") that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announced today that all of its Oil and Gas projects are on budget and on schedule and have not been affected by the current crisis facing the industry.
"Given the recent challenges facing the Oil and Gas Industry, we thought it prudent to let our shareholders, and followers, know that our oil and gas projects have not been affected by cutbacks taking hold of the industry, and this, due primarily to the advanced stage of our projects" said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis."In fact, we are finding that there is increased interest in projects such as ours which have proven to help lower overall production costs, thereby, to some degree, mitigating the lower price/barrel of oil, and helping the industry maintain their margins. This is where our projects resonate; both have the potential to significantly reduce production costs for our customer."
So far the Company has proven that the plasma processing of certain waste streams can not only recover valuable metals from the waste stream, but there is also a significant 50:1 volume reduction which decreases disposal costs by more than 90%. At this point, data indicates that a $20MM PyroGenesis system could save the client over $40MM/year in disposal costs and value from recovered metal.
Separately, PyroGenesis is engaged on a project to develop a plasma-based process designed to enhance and accelerate oil extraction from oil fields. This patent pending process costs less than 20% of that currently used, and is a clean, zero emissions technology utilizing electricity as its only heat source.
"Our projects within the Oil and Gas Industry are definitely getting attention. We seem to be addressing the current concerns and our success to date is quite topical. Right now everything is moving in the right direction and our earlier estimates with respect to economics are still good," added Pierre Carabin, Director of Engineering of PyroGenesis. "Also, our previously announced pilot plant project continues to be on target to be completed in the second half of 2015."
"That is not to say that we are being complacent about the challenges facing the industry", said P. Peter Pascali. "Although we have not been affected to date by these challenges and our projects seem to address the current concerns, it is definitely not business as usual. The industry is taking steps to reduce costs across the board and we recognize that we are not immune to the effects that a lower price/barrel of oil brings with it. As such, we are taking steps to mitigate this exposure by expanding our customer base within the industry, all while focusing on other non oil and gas related niche markets for plasma processes. We expect to be reporting on this success in the very near future."