POSSIBLE WORLD-CLASS OIL SHALE FIELD IN MONGOLIA

Ulaanbaatar /MONTSAME/ Genie Energy Ltd. of the USA has set up an agreement on exploration of oil shale with Mongolia’s Authority for Petroleum. According to geological research from the company, it is very possible that a world-class oil shale is existing on explored sites. This how this company is adding its exploration areas to some 60 thous.square meters from 34,470 square meters, on which a five-year agreement was signed last year between the two sides. Ministry of Mining and the Authority for Petroleum of Mongolia have started this work showing great functionality, said a director of Genie Energy Ltd. Michael Jonas, and expressed a confidence in the mutual benefits of the agreements for Mongolia and for the company. He also noted that there might be a world-class oil-shale deposit in the explored field, according to their geological researches. Another research says Mongolia has a known reserve of oil-shale enough to cover 30-years' need in petroleum.