Petrobank’s Heavy Oil Business Unit is unique in the industry for its patented THAI™ (Toe to Heel Air Injection) technology, a process that has created a paradigm shift in extraction of bitumen from the oil sands. When compared to other in-situ processes, THAI™ presents major environmental and operational improvements. The process has been proven in Canada’s oil sands, and is being evaluated in heavy oil reservoirs in Canada and internationally. The business unit is on the verge of creating a new global solution for the extraction of heavy oil.
The projects in Canada are only one focus for the Heavy Oil Business Unit. Having proved the process in the oil sands, the international application of the technology in heavy oil reservoirs provides an outstanding platform for growth. One avenue being pursued is the licensing of THAI™ and its complementary technologies to third parties; typically with a right for Petrobank to back-in to the project. A second avenue involves working with existing resource owners to apply our technology and knowledge in a value-creating partnership.
Another focus is our research and development strategy. Through our wholly-owned subsidiary, Archon Technologies Ltd., we are evaluating and have applied for a number of new global patents for technologies to complement our base THAI™ and CAPRI™ processes. We are working to build a community of technologies that can be offered as a total package to any heavy oil opportunity with an emphasis on reducing the overall environmental footprint, enhance project execution effectiveness to maximize resource recovery and create value-added opportunities. These value-adds include an industrial quality produced water, additional operating efficiencies due to self-generation of electricity, reduced greenhouse gas emissions and further upgrading of crude production.
The power behind our Heavy Oil Business Unit is in the strength of our technologies and the significant future growth potential from an already huge identified resource. The momentum created by this world-class innovation is allowing us to expand into other important global opportunities, which we are just beginning to identify and prioritize.