‘Oil and Oil Shale Mongolia 2014’ takes place in UB

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Submitted by editor on Thu, 03/12/2015 - 12:40

‘Oil and Oil Shale Mongolia 2014’ takes place in UB

By Ch.KHALIUN

The international investors forum “Oil and Oil Shale Mongolia 2014” was held in UB for the first time, from September 10 to 11.
The forum addressed government policy in the oil sector, the Law on Petroleum, the investment environment, the oil sector’s current situation and prospects, the environment and local relations, leading technology, perspectives on non-traditional fuel research, infrastructure and the workforce.
PM N.Altankhuyag attended the forum and gave an opening speech saying, “The ‘Government for New Changes’ has made many reforms related to the inclusion of non-traditional sources of fuel, improved the legal environment, drawn investment and enhanced competitiveness. We approved the policy on the minerals sector and revised a draft of the oil law in Parliament on the 1st of July. It gives us an opportunity to create a legal environment for drawing investment in the non-traditional fuel sector, like oil shale or coal bed methane gas. We simultaneously approved the draft on customs tax and value-added tax exemption for contractors in the construction phase to support exploration, mining and processing in the traditional and non-traditional fuel sectors. The oil law became more clear, flexible and able to compete at an international level, which allows us to increase investment, enrich oil resources and increase economic benefits.”
Representatives from major corporations like Rosneft, Petrochina, British Gas, Sinopec and State Oil, and over 300 delegates from other companies and organizations operating in the oil sector attended the forum.
The Office of Media and Public Relations of the Government reports that only three of thirty oil exploration fields have been explored in Mongolia. Their resources are estimated to be more than 332.6 thousand tons, but 43.3 thousand tons was calculated as a recoverable reserve. The coal bed methane gas reserves are predicted to be around 3.2 trillion cubic meters, but reserves of oil shale are said to be 788 billion tons.