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.
About Genoil Inc.:
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 sulphur 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 sulphur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.
Tuimadda-Neft is a petroleum products supplier with annual sales of more than 140,000 tons of petroleum products for the domestic market in the Sakha Republic (Yakutia). The company has its own oil storage depot with a capacity of 50,000 tons in Nizhniy Bestyakh. The company also operates 35 gas stations throughout the region.
FORWARD LOOKING STATEMENTS: Certain information regarding Genoil, including 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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SOURCE: Genoil Inc.
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