Daily Banking News

TomCo Energy Plc delighted as it receives FEED study for Utah project

The study helps define the project’s scale and economics, and precedes the engineering, procurement and construction (EPC) phases of the project.

TomCo Energy Plc said that joint venture firm Greenfield Energy has received the final FEED (Front-End Engineering and Design) study for production facilities for the proposed project in Utah.

It proposes a plant that would comprise an initial 5,000 barrels of oil per day train, configured to enable an expansion to 10,000 bopd. It estimates that the single train, for 5,000 bopd, would have a capital cost of around US$110mln.

Technical review of the existing pilot operation at the Petroteq Energy pilot plant resulted in indicative estimates for operating costs of around US$22 per barrel, based on 5,000 bopd,

“The FEED study outlines better economics for the proposed plant than we initially envisaged, together with verification that the proposed technical approach is appropriate,” said chief executive John Potter.

“Greenfield’s focus remains firmly on completing the requisite due diligence on TSH II and its site in Utah and progressing the necessary funding package in order to, inter alia, pursue construction of an initial 5,000 bopd facility at the earliest opportunity. 

“These are very exciting times for TomCo as we look to realise Greenfield’s significant potential.”

Greenfield now anticipates that the overall engineering, procurement and construction (EPC) phases of the project will take 54-62 weeks, beginning after the completion of the recently agreed transaction to acquire 100% of the Tar Sands Holdings II LLC.

Read More: TomCo Energy Plc delighted as it receives FEED study for Utah project

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