Mongolia signs oil shale feasibility agreement

Genie Energy Ltd., Newark, NJ, said its Mongolian subsidiary signed an exclusive agreement to explore and evaluate the commercial potential of oil shale resources on 34,470 sq km in central Mongolia.

Petroleum Authority of Mongolia granted Genie Oil Shale Mongolia LLC a 5-year contract to explore, identify, and characterize the resource and conduct a pilot test using in situ technology on appropriate oil shale deposits.

Genie may seek to proceed to commercial development via a production sharing agreement in accordance with Mongolian law. To date, Genie Energy is the only recipient of an exclusive oil shale survey contract in Mongolia.

Genie Energy said it began evaluating Mongolia’s oil shale deposits after signing a joint survey agreement in 2012 and that it has located a world class resource within which it will now identify the most advantageous areas for development.

Genie Energy is comprised of IDT Energy and Genie Oil and Gas. IDT Energy supplies electricity and natural gas to residential and small business customers in the northeastern US. The oil and gas unit has oil shale and oil and gas initiatives in Colorado, Israel, and Mongolia.

Related Articles

BLM seeks comments on Noble’s proposed Nevada gas exploration

03/27/2014 The US Bureau of Land Management is seeking comments on Noble Energy Inc.’s proposed natural gas exploration drilling on leases it holds in the Tab...

Kansas-Missouri heavy oil area draws new operator

03/26/2014 Worthington Energy Inc., San Francisco, said it will attempt to recover heavy oil on the Barr Cattle Co. lease near Chetopa in southeastern Kansas.

Myanmar awards exploration blocks

03/26/2014 Myanmar’s energy minister has announced winners for 20 of the 30 offshore blocks that have been available since its auction launch in April 2013.

Financial questions seen for US shale gas, tight-oil plays

03/25/2014 Financial problems of operators in US shale gas and tight oil plays might hold production growth below current expectations, according to the autho...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected