Axial Vector Energy Corp. (AXVC.PK) JV Partner Awarded Patent in Mexico
Axial Vector Energy Corp. announced this morning that its PETRO AVEC JV partner, Petrosonics LLC, was awarded a patent in Mexico. This patent protects the process of removing sulfur from all types of crude oil fractions through sonic energy, oxidation as well as the removal of all of the oxidized sulfur through hydrotreatment. The patent will remain effective for 20 years.
According to the Oil and Gas Journal (OGJ), Mexico had 10.5 billion barrels of proven oil reserves as of the first of this year. Most reserves consist of heavy crude oil varieties, with a specific gravity of less than 25 degrees API. The main concentration of reserves is located offshore in the southern part of the country. There are also substantial reserves in Mexico’s onshore basins in the northern parts of the country.
Mexico currently has six refineries, all operated by state owned Pemex, with a total refining capacity of 1.5 million bbl/d. The largest facility in the country is the 330,000-bbl/d Salina Cruz facility. In order to reduce its imports of refined products, Pemex plans to build at least one more refinery in Mexico. The company has announced plans to build a new, 300,000-bbld refinery, which would have the capabilities of better processing the country’s heavy crude oil production. Construction is slated to begin by the end of this year.
PETRO AVEC CEO Dr. Mark Cullen stated, “Mexico (Pemex) is the third largest exporter of oil to the U.S., behind Canada and Saudi Arabia. Pemex is also the 10th largest oil company in the world in terms of revenue and ranks 42nd on the list of Fortune 500 companies. Its proximity to the United States, co-investment in the United States, new refinery construction in Mexico and work with heavy crude oil make it an ideal candidate for our technology. Now that patent protection is in place, we hope to be talking to and subsequently working with Pemex in the near future.”
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