At some point, the world will start to run out of its economic life blood, light crude. When that time comes, the consumer won’t care where its petroleum products come from, they will just want them. The means to offer these products may be on the drawing board, but whoever offers them will be ready to reap a profit of an extreme nature.
GenOil Inc., a development stage oil refinery developer/operator, has reached the financing stage of its heavy/sulfur rich oil refinery demonstration plant. Primary work has been completed regarding feasibility and technology required for turning heavy/sulfur rich crude into usable petroleum products, including gasoline. Financing will enable the company to locate and build a demonstration oil refining facility to prove; scalability, output and general price levels.
For the most part, the company is premising its refining proposals on the depletion rates of light crude in proven reserves around the world. As these proven reserves dwindle, the world will be forced to take advantage of heavy oils, which are currently estimated to have in ground reserves of approximately twice that of light crude (according to the company.) At present, there are very few refinery locations around the world that are capable of refining high sulfur heavy crude. One such location is the South coast of the United States, which is located nicely to take advantage of Venezuelan supplies that are generally regarded as high sulfur.
The company, at present, feels that it has the technology in place to make its refinery processes feasible enough to show scaling and product quality. What it requires is the land (preferably next to an existing coastal refinery) to build the demonstration refinery and the capital to do it. The company makes valid doomsday scenarios in seeking its financing. No matter the likelihood of such predictions, the need to rely on heavy/sulfur rich oil will occur at some point in the future. Having the tested refinery capacity in place for that day is a wise investment and one that is not accomplished over night.
While many in the energy industry recognize that there is a need to seek answers to the world’s need for alternative sources of energy, they also point out that while the world’s energy companies look for a realistic source of alternative energy there will be a need for continuing source of energy to keep plant and equipment moving. GenOil Inc. appears to be readying a solution that meets this continuing need through developing the capabilities required to bring product to market.
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