Meeting global oil demand can be seen as a technical challenge to recover existing reserves as opposed to a technical challenge to find new oil reserves. There are estimated to be 9-13 trillion barrels of oil but only around 1.5 trillion of this is estimated to be economically recoverable.
Profero has proprietary technology focused on recovery of a substantial proportion of this presently unrecoverable oil. Provided the technical characteristics are suitable, this applies to conventional oil where production is declining or ceased plus the recovery of specific heavier oils.
Most existing enhanced recovery techniques used on heavy oils and bitumen are accompanied by undesirable environmental issues. The extraction process using the Profero and synergistic technologies do not have these issues and indeed can be used to reduce the impact of such projects. As demand escalates the production of heavy oil will escalate, Profero’s technology can help temper the environmental impact.
The technology has the potential to have significant on suitable on unrecoverable and presently undervalued oil reserves creating opportunities for oil company and investment partners.