Buzzwords like carbon capture, circular economics, and greenhouse gas (GHG) reduction are circulating throughout global headlines. The prevalence of these terms has been further amplified by the Canadian government's commitment to cut emissions by 36% by 2030, leaving many wondering how the energy sector will transition to align with the nation's sustainability targets.
On a recent episode of The Crownsmen Show, a podcast managed by Crownsmen Partners, McGovern duo, Myles McGovern (CEO) and Andrew McGovern (EVP) chat about their cleantech company Vorsana and how their recent acquisition of Calgary based clean energy firm Nanos Tech can help oil producers transition to a more cost-effective and environmentally friendly end product.
"We have the belief that we are going to experience an energy transition," says Andrew, "The reality is that we consume 95 million barrels of oil per day. At best, in 30 years, we will be consuming 60-70 million barrels a day. Creating a big opportunity in finding solutions to how we can decarbonize fossil fuel."
Meaning that although we will likely begin to rely more heavily on alternative energy sources such as hydrogen or solar power, the oil will still have a place in the energy market for years to come. It's turning this oil into a cleaner, more carbon-friendly commodity that will be essential moving forward. CEO Myles directly credits the acquisition of Nanos and the development of their In Situ Upgrading Technology (ISUT) as a key proponent in Vorsana to offer tangible solutions to help key players in the energy sector transition to a cleaner, more sustainable product. ISUT works by injecting a catalyst directly into the reservoir, causing a series of chemical reactions in the well. This results in the formation of a fixed bed reactor that in short upgrades the oil on site – thus enabling producers to extract more significant quantities of higher quality oil, all while reducing their net GHG emissions.
"Not only do we have a significant environmental impact on getting them (producers) to their 2030 goal today," Myles explains, "But we can hit their bottom line of being able to produce a better-quality oil faster."
What makes Vorsana excited about ISUT is its readiness to be deployed commercially. The technology, which was initially developed by a team of University of Calgary researchers led by Dr. Pedro Pereira-Almao, has been validated in lab tests and is expected to undergo field trials this summer.
Moreover, the quality of simulations and data produced from Pereira-Almao's group has energy producers excited, and both Myles and Andrew feel the industry understands the tremendous impact this technology has to offer.
The added benefit of Vorsana's and Nanos' collaboration is that it meets producers where they are at. Instead of disrupting the industry, they seek to function within existing infrastructure and supply chains already established by the petroleum sector. "This is an evolution, not a revolution," Myles explains, "It's a transition that's taking place, and we are working with customers through this path."
Vorsana's offerings to its customers expand beyond ISUT and feature technology rooted in biofuel development, site remediation, and carbon capture. It is this integrative cross-industry approach that sets Vorsana and its subsidiaries like Nanos apart from their competitors.
To learn more about Vorsana's core technology as well as Nanos Tech's ISUT process, tune into below.
