Agreement Builds on the International Relationships Genoil has Developed, as well as the Interest Generated in its State of the Art GHU Technology
MOSCOW / ACCESSWIRE / April 4, 2018 / Genoil (GNOLF) the publicly traded clean technology engineering company for the petroleum industry, has signed an agreement to attract finances and evaluate technologies to develop oil and gas fields in the Astrakhan Region of Russia. This agreement is with the license holder of this property; JSC Petroleumgas Company commonly known as "AFB".
AFB's licenses encompass 700 square kilometers where the Velikoye oil field was discovered. To date, AFB has conducted geological exploration of the Velikoye oil field that has included high-resolution 2D seismic, vertical seismic profile as well as offset vertical seismic profiling, interpretation of all archived seismic data etc. AFB has also drilled two prospecting wells.
In 2014 it was estimated that the Velikoye oil field was the largest oil field discovered in Russia in the last 20 years. It is projected that this field has a reserve of 300 million tons of oil and 90 billion cubic meters of natural gas.
Genoil will provide technology and project consultancy as well as advising on the finance and development of upstream and downstream projects. Genoil will act as the lead consultant on all aspects of the project which will include engineering procurement and construction (EPC), equity and debt financing, and oilfield services, as well as oil field operations and natural gas development.
Under the agreement, Genoil will participate in the development of oil fields and refineries, and will use its advanced Hydroconversion Upgrader (GHU) desulphurisation technology which converts heavy or sour crude oil into much more valuable, compliant low sulphur oil, for a low cost at the fraction of the cost of traditional refining processes.
Bruce Abbott, Chief Operating Officer, Genoil, commented:
"The agreement to develop this world-class property and unlock the potential of the oil reserves in the Vellikoye oil field represents a landmark opportunity for Genoil and our long-term shareholders." Mr. Abbott continued, "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 2017, Genoil signed a tri-partite science, research and technical cooperation agreement with two leading Russian institutions, the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry, located in Bashkortostan, and the OJS «VNIIUS» Institute, located in Tatarstan. The partnership focuses on the petrochemistry, petroleum refining and gas chemistry industries where, through joint co-operation and a wide base of expertise, the parties саn add significant value to client proposals.
About Genoil Inc.:
Genoil is a publicly quoted clean technology engineering company for the petroleum industries. Genoil is headquartered in New York City. Genoil has developed its proprietary technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean-burning fuels for transportation industries including shipping. The GHU can be placed in remote locations, including receiving terminals, pipelines and ports. The company operates one of the largest and most advanced pilot & design test facilities in the world, from its 147-acre site.
About The Genoil Hydroconversion Upgrader:
Genoil's field upgrader (GHU) is an environmentally friendly process which reduces the carbon content of a barrel of crude oil while removing sulphur and nitrogen that cause greenhouse gases. The GHU economically (up to 75% less OPEX & CAPEX than existing processes) converts heavy crude oil, bitumen, atmospheric residues, and vacuum residues into a lighter crude so that it can be transportable by pipeline without the aid of diluent making it compatible for refineries. The GHU increases the yield of light products and decreases the residual portion of a heavy crude stream, producing a much more desirable refinery feedstock. Genoil is also working with environmentally focused companies to develop photovoltaic projects. The Genoil GHU was designed to be versatile, can be placed at many different locations, either upstream at oil fields, or downstream at refineries, in a standalone form at ports and other logistical locations.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.
For further information, please contact:
T: 01865 514214
David K. Lifschultz
T: 212 688 8868
SOURCE: Genoil Inc.