Genoil Signs Advisory Agreement with JSC Tuimadda-Neft https://finance.yahoo.com/news/genoil-signs-advisory-agreement-jsc-100000240.html
Genoil Signs Advisory Agreement with JSC Tuimadda-Neft and Provides Update with the Velikoye Oil Field
Tuimadda-Neft has an Estimated 1.8 Billion Barrels of Recoverable Crude Oil Equivalent within their Five Giant Oil Field License Blocks in Yakutia, Russia
NEW YORK, NY / ACCESSWIRE / July 3 , 2019 / Genoil Inc. (OTC PINK: GNOLF) has signed an advisory fee agreement with Tuimaada-Neft, which is a leading oil and gas company in Russia with an estimated 850 million tons of oil equivalent. This agreement builds from our previous LOI that was signed in the fourth quarter 2017. Genoil will advise and possibly have a significant role in these development projects, which will include EPC (engineering, procurement and construction), equity and debt financing, oil field services, as well as oil field operations and natural gas development.
The first oil block to be developed is the Zapadno Anabarsky block, which is projected to produce roughly 12 million tons per year (240,000 BPD). To achieve these annual production targets there will need to be approximately 207 wells drilled. Projected gas production per year is to be 10 billion m3 (0.35 TCF) and 114 thousand tons of gas condensate. The geological and financial evaluation of the Zapadno-Anabarsky license block indicates low production costs which means high profitability and a high resistance to geological and economic uncertainties.
In Astrakhan, Genoil signed a similar agreement with JSC PetroleumGas (AFB) to develop the Velikoye oil field. Genoil called the largest development bank in the world and one of the top two largest banks in the world to provide assistance in sourcing capital and strategic equity investors for this project. With one of the top two largest banks in the world formally engaged in the project, due diligence has begun and is progressing rapidly. It is again worth noting that the Velikoye oilfield block in Astrakahan has a total of 1 billion tons of estimated reserves, with 290 million tons recoverable. Velikoye production could total 500,000 BPD (barrels per day) of oil for 20 years. The combined oil assets controlled by both of these companies could yield in excess of 1 million BPD.
President & C.O.O. Bruce Abbott stated, "The excitement generated from our leadership role in securing these deals is immense, especially now that one of the top two banks in the world is involved in the project. We have also hosted joint meetings with the largest banks and one of the largest oilfield services companies in the world which gives us confidence that these projects can be executed quickly. Oil industry experts and leading energy companies have acknowledged the value of our leadership role and have expressed serious interest in working with us on current and future projects."
In recent years, Genoil has expanded its role and focus in the oil industry to be more than just a leading technology provider. We have been using our worldwide strategic relationships to organize large energy deals. With recent heightened tensions in the Middle East, Russian oil assets have become much more desirable due to their geographic diversification away from hostile regions. The location of Russia allows the produced oil to flow via pipeline to neighboring countries circumventing waterway travel.