MONGOLIA EXTRACTS CRUDE OIL

Ulaanbaatar, /MONTSAME/ Currently, a total of 11 companies are conducting oil prospects in territory of Mongolia. Recently, it has been determined that Tamsag basin has a reserve of 119,2 million tons of crude oil.
The Mineral Wealth Council of Mongolia officially registered this reserve and declared February 22 Mongolia as becoming the country of oil extraction, Petroleum Authority Chairman D.Amarsaikhan said. This oil reserve could satisfy a whole domestic demand for 40-50 years, professional experts say.
The Mongolian territory contains a crude oil reserve of 1.6 billion tons in total, according to professionals.
S.Batbayar
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