Las Vegas based technology and asset acquisition firm, Vivakor Inc. (OTC PINK: VIVK) has formed a Joint Technology Venture of its mobile oil extraction and remediation unit with Irvin, California based Remediation & Recycling Technologies, Inc. (RRT) focused on oil waste in the energy sector.
Vivakor explained that its remedial and recycling technology division's focus is on creating technologies that enable the transformation of waste into usable products; providing economic and environmental benefit to its clients across the globe.
The company added that the technology collaboration looks at ways of increasing hydrocarbon reserves that are already in place. These reserves vary from conventional oil reservoirs to tar/oil sands.
RRT and its partners have been designing innovative thermal-based remedial and recycling technologies in the oil space for over 30 years. For its part Vivakor said that it has provided financial support and its own intellectual properties to this endeavour.
The company claimed that this collaboration creates the only company in the waste to commodity space that designs, manufactures and operates its facilities and projects.
According to Vivakor the technology blend was designed around the recycling of Tar/Oil Sands and has grown into a capability that has multiple recycling applications.
The company added that the premise for the increased technical proficiency stems from its proprietary, patent pending oil extraction technology. This alignment was said to optimise Vivakor's oil extraction capabilities and drive an immediate impact in the oil remediation and reclamation space.
Vivakor's focus domestically is on the rich, oil sands designated areas of Eastern Utah, specifically in the Uintah Basin which is part of the massive Green River Oil Formation that extends through Colorado, Utah and Wyoming.
The proven oil sands reserves in Utah are said to be 32 billion barrels. Vivakor secured property in the Vernal, UT area back in 2015. The company currently operates its oil extraction unit from a facility in Vernal, UT.
According to Vivakor the JV will provide the ability to cleanup oil in a number of different capacities.
The joint technology collaboration is expected to enable companies to clean and recover the oil spilled during day-to-day operations or because of accidental spills into the environment.
The company explained that oil spills that are not addressed and accumulate, create an interruption of business operations or worse yet, may negatively impact the ecosystem.
Vivakor and RRT plan to assist companies and governments in areas where oil has contaminated the soil/sand due to spills and can assist with cleanup due to war and terrorism across the globe.
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