Submitted by MONTSAME on

Genie Oil Shale Mongolia company has signed an agreement with the Petroleum Authority of Mongolia (PAM). The new exploration block covers 25 thousand square kilometers in Central Mongolia. The agreement, the first to be signed under recently passed legislation, also provides a framework under which the company can request a commercial production agreement once a specific suitable resource and location are identified.
Just one year ago, Genie and the Petroleum Authority of Mongolia have signed 5 year oil shale development agreement to explore and evaluate the commercial potential of oil shale resources on a separate more than 34 thousand square km area in Central Mongolia.
Together with its previously signed exploration agreement, GOSM now has exclusive rights to explore for oil shale in approximately 60,000 square kilometers in Mongolia.
Mr Michael Jonas, Genie’s Executive Vice President and Director of Global Exploration and Business Development said “ We are excited to expand our oil shale exploration program in Mongolia and expect that our investment will benefit the people of Mongolia as well as our Company”.
“The recently passed Petroleum Law created a favorable environment for investment in conventional and unconventional petroleum sectors, increasing competition and encouraging sustainable long term activity,” said D. Gankhuyag, the Mongolian Minister of Mining.

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