Genie Energy to develop oil shale resources in Mongolia
Genie Oil Shale Mongolia, a subsidiary of Genie Energy, has signed a five year agreement with the Petroleum Authority of Mongolia (PAM) to explore and evaluate the commercial potential of oil shale resources, on a 34,470 km2 area in Central Mongolia.
As part of the deal, Genie Mongolia will also identify and characterise the oil shale resource in the exclusive survey area and will conduct a pilot test by using in-situ technology on appropriate oil shale deposits.
The company will proceed with commercial development on oil shale resources, under a production sharing agreement in line with the Mongolian law.
Genie Energy said that it is the only company that has received oil shale survey contract in Mongolia.
Genie Energy CEO Claude Pupkin said the company has started evaluating Mongolia's oil shale deposits, after signing a joint survey agreement in 2012."Our geological team has located a world-class resource and will now identify the most advantageous areas for future commercial development," Pupkin added.
As part of the deal, Genie Mongolia will also identify and characterise the oil shale resource in the exclusive survey area and will conduct a pilot test by using in-situ technology on appropriate oil shale deposits.
The company will proceed with commercial development on oil shale resources, under a production sharing agreement in line with the Mongolian law.
Genie Energy said that it is the only company that has received oil shale survey contract in Mongolia.
Genie Energy CEO Claude Pupkin said the company has started evaluating Mongolia's oil shale deposits, after signing a joint survey agreement in 2012."Our geological team has located a world-class resource and will now identify the most advantageous areas for future commercial development," Pupkin added.
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