Genoil to Develop Russia's Velikoye Oil Field
Genoil 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) desulphurization 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.
