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Genoil signs agreement to develop five fields in Yakutia, Russia, with 1.8 billion bbls of recoverable reserves

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Oilfield Technology,

Genoil (GNOLF), the publicly traded clean technology engineering company for the petroleum industry, has signed an agreement to develop five oil and gas fields in the Sakha Republic (Yakutia), Russia, with recoverable reserves of 1.8 billion bbls. The scale of the project will require US$35 billion with the first phase costing US$6 billion representing a landmark agreement for Genoil.

Genoil will provide technology and project consultancy, as well as advising on the finance and development of upstream and downstream projects in Yakutia. Genoil will act as the lead consultant on all aspects of the project which will include engineering procurement and construction (EPC), equity and debt financing, and oil field services, as well as oil field operations and natural gas development.

Under the agreement, Genoil will develop oil fields and refineries and will use its advanced Hydroconversion Upgrader (GHU) desulphurisation technology, which converts heavy or sour crude oil into much more valuable, compliant low sulphur oil, for a low cost at the fraction of the cost of traditional refining processes.

The first oil field block will yield 240 000 bpd production and is directly adjoining the Khatanga block being developed by Russian state oil giant Rosneft. The estimated cost to connect this first oil block to the nearby East Siberia-Pacific Ocean (ESPO) and the Western Siberian pipeline systems is an additional US$1.1 billion. The ESPO pipeline is likely to be used by many other major oil companies developing energy assets in the Arctic.

The seismic work already completed on this property shows geological reserves in this first block estimated in excess of 80 million t (550 million boe). and have hydrocarbon resources of approximately 800 - 850 million t of oil equivalents (5.5 - 6.0 billion boe).

Bruce Abbott, Chief Operating Officer, Genoil, commented: "The agreement to develop these five blocks and unlock the potential of the oil reserves in Yakutia represents a landmark opportunity for Genoil and our long-term shareholders." Mr. Abbott continued: "This opportunity represents the culmination of our hard work to integrate our GHU Technology into the development of major oil fields right from inception. We continue to build on the successes we have had in developing international relationships across the globe. We look forward to reporting on the progress of this project on an ongoing basis as it develops."

In September 2017, Genoil signed a tri-partite science, research and technical cooperation agreement with two leading Russian institutions, the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry, located in Bashkortostan, and the OJS «VNIIUS» Institute, located in Tatarstan. The partnership focuses on the petrochemistry, petroleum refining and gas chemistry industries where, through joint co-operation and a wide base of expertise, the parties ??n add significant value to client proposals.

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Upstream news Upstream drilling news Russia upstream news