Velikoye Oil Field is the Largest Russian Oil Field Discovery in the Last 20 Years and the Project is of Significant Interest to Numerous International Oil Companies
PHOENIX, AZ / ACCESSWIRE / November 20, 2018 / Genoil Inc. (OTC PINK: GNOLF) is an independent exploration and production company that specializes in oil and gas drilling in the Caribbean, as well as heavy oil development. The CEO of Genoil, David K. Lifschultz, joined the Stock Day podcast to discuss the corporation"s signing of an additional contract to represent the Velikoye Oil Field on behalf of JSC PetroleumGas "AFB" to investors. Here are a few of the most notable highlights from today's podcast.
To learn more about the growth of Genoil Inc., listen to the entire Stock Day Podcast interview here: https://upticknewswire.com/interview-ceo-david-lifschultz-of-genoil-inc-otcqb-gnolf-4/
During the interview, Lifschultz noted that Genoil has already begun discussions with several financing sources in Russia, as well as a few different interested oilfield services providers. Genoil will earn a fee for bringing this investment to AFB and anticipates closing the initial investment round in the next sixty days.
AFB is an oil company holding both exploration licenses and production licenses for a total of 700 square kilometers. These licenses are estimated to contain 150 billion tons of oil and oil equivalent, and Genoil Inc. will spearhead the development of this project. Genoil is empowering private companies like AFB to finance the development of their oil fields, as well as a structure to make this possible for them. AFB is in an excellent position to take advantage of this financing plan.
The magnitude of the discovery of a large oil field in the Astrakhan Region came to light several years ago. Interfax at that time quoted the lead geologist at AFB that the company estimated the field's reserves at 150 billion tons of oil equivalent and 40 billion cubic meters of natural gas, confirming that this is the largest oil field discovered in Russia in the last 20 years. The estimated capital requirements to develop Velikoye is approximately $5 billion USD, which will begin with further seismic work, assessment of wells, and initial production.
President & C.O.O. Bruce Abbott stated, "The Velikoye Oil Field is one of the most important oil fields in Russia, which is attracting attention from serious investors and companies based all over the world." He further added, "Russia is one of the leading global oil producers with over 12% of the world's oil reserves and about 10 million barrels per day of production."
AFB has two licenses for the right to geological exploration and production of raw hydrocarbons within the Tambov license block. The first license is for the Meso-Cenozoic sedimentary complex and is effective until 2030, and the second license is for the Paleozoic sedimentary complex and effective until 2036. There are no limitations on the validity of any license renewals.
Genoil is an independent exploration, production company which has experience drilling for oil and gas in the Caribbean. The company specializes in heavy oil development and is focused on long-term growth. Genoil has developed a proprietary, state of the art patented advanced hydroconversion process technology (heavy to light & sour to sweet). This advanced Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery bottoms into clean crude that is much more valuable. This more valuable crude produces a higher value product slate meaning that this new crude oil refines into clean-burning fuels for transportation. The company is deeply focused on the downstream transportation refining industries especially shipping. Hydroconversion is a common and proven desulfurization process, capable of processing various feedstocks ranging from crude oil to Naptha.
The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulfur oil for a very low cost. The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulfur-reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analyzed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.
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Certain information regarding Genoil, including the availability of capital and other sources of funds and future plans, may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as ''seek,'' ''anticipate,'' ''hope,'' ''plan,'' ''continue,'' ''estimate,'' ''expect,'' ''may,'' ''will,'' ''intend,'' ''could,'' ''might,'' ''should,'' ''believe'' and similar expressions. Forward-looking statements are based upon the opinions, expectations, and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward-looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward-looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.
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