Mongolia is ranked 36th among the 98 oil exploring countries in terms of reserve. The total confirmed reserve of oil is estimated 348 million tons. Mongolia can earn some 70 million US dollars if only 30% of the reserve is exploited. Over the period between 1998 and 2013, the state budget a revenue of 520 billion Togrog from the oil exploitation. It is projected that the country is possible to place 350-400 billion Togrog in the state budget by 2017, surpassing the revenue from the Erdenet Mining Corporation. As for this year, Mongolia plans to earn some 220 billion Togrog, but it is expected the revenue will reach 300 billion Togrog by end of this year. The price of crude oil is regulated by the rate at the Stock Exchange of Singapore, ranging from 700 from 800 US dollars per ton.

Head of Oil Authority Olziiburen:
As of present, there are 31 oil exploitation areas where the exploration works were done. It equals to one third of total area of Mongolian territory. Furthermore, we are looking for possible oil deposits in western and southern parts of Mongolia. Exploration works will launch in this year in several places of Bayankhongor province.
The Oil Authority has reported that big deposits might be discovered in Omnogobi province.