BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry

« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa

BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News

Genoil inks accord to develop oil and gas fields and use desulphurization technology

Firm says its it will be able to convert crude into low-sulphur fuel at a 'fraction of the cost of traditional refining processes'.

Image credit:

Updated on 06 Dec 2017 07:58 GMT

Clean technology engineering company Genoil has signed an agreement to develop five oil and gas fields in the Sakha Republic (Yakutia), Russia, with recoverable reserves estimated at 1.8 billion barrels.

Under the agreement, Genoil will provide technology and project consultancy, as well as advise on the finance and development of upstream and downstream projects in Yakutia. Genoil will be acting 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.

The engineering firm is to develop oil fields and refineries and use its Genoil Hydroconversion Upgrader (GHU) desulphurization technology to convert heavy or sour crude oil into more valuable, compliant low-sulphur oil. According to Genoil, its technology will enable the procedure to be carried out at a "fraction of the cost of traditional refining processes".

The first oil field block is expected to yield 240,000 barrels per day (bpd) and is directly adjoining the Khatanga block being developed by Russian 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 $1.1 billion. The ESPO pipeline is likely to be used by other major oil companies developing energy assets in the Arctic.

Seismic work already completed is said to show geological reserves in this first block estimated in excess of 80 million tonnes (550 million barrels) of oil equivalents and hydrocarbon resources of approximately 800-850 million tonnes (5.5-6.0 billion barrels) of oil equivalents.

Bruce Abbott, Genoil's chief operating officer, 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. 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, Bunker Index reported that Genoil had signed a tri-partite science, research and technical cooperation agreement with the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry, located in Bashkortostan, Russia, and the OJS VNIIUS Institute, based in Tatarstan, Russia.

The scope of the agreement is to research, develop and market cutting-edge technologies and patents both in the Americas and globally. The partnership will focus on the petrochemistry, petroleum refining and gas chemistry industries where, through joint cooperation the parties aim to add value to client proposals.

Related Links:

Sulphur removal specialist Genoil appoints VP in India
Genoil signs research accord, starts testing HSFO in Russia for client
Genoil presents 'compelling economics' for LSFO production unit
Genoil and Bomin sign MoU to develop 2020-compliant fuels
Genoil signs $50bn letter of intent to produce 3.5m barrels of desulphurized fuels a day

Latest News:

Verifavia signs up Wallem and Seaborn
The lowdown on bunker spill paperwork required in Singapore
MEPC 73: HFO ban events scheduled
Oil and fuel oil hedging market update
Brent climbs above $80 as supply concerns take centre stage
MEPC 73: IMO must renew commitment to Arctic HFO ban | CAA
IMO launches toolkits to tackle ship and port emissions
Bunker-saving JIT study presented at IMO HQ
Working group to finalize Initial Strategy programme for MEPC 73
Oil and fuel oil hedging market update
Bunker issues pack MEPC 73 agenda
Volatility around $80

Page Links:

Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Las Palmas
New Orleans
Rio de Janeiro
Latest News
Middle East
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Fuel Quality
Lubes & Additives
Oil Spills
Port News
Services, Products, Technology
Statistics & Research
Contact & Terms
Contact Us
Terms & Conditions
Privacy Policy
Upcoming Events