RE: MATD ARE AN OIL PRODUCER 🛢️💰🛢️💰26 Oct 2024 09:18
OIL EXTRACTION STARTED FROM "TSEN TOGORUU-1" DEPOSIT
The "Tsen Kogoru-1" deposit of the "Matad-KK" oil field of the "Petro Matad" company in Matad Sum, Dorno Province was transferred to production, and the official opening was held yesterday /October 25, 2024/.
At the opening event, State Secretary of the Ministry of Industry and Mineral Resources S. Javhlanbaatar, Director of the Department of Minerals and Oil L. Bayarmandal, Director of the Department of Oil and Products B. Tuvshinjargal, Director of the Department of State Administration and Management Sh. Ganhuyag, Head of Department S. Tuvshinbayar and officials of ministries and agencies participated. Also, Mike Buck, A. Gerelt-Od, CEO of Petro Matad Company, major shareholders of the company, local authorities, and representatives of the community attended and witnessed the historic event of starting mining of the "Tsentogoru-1" deposit in the "Matad XX" field.
In his opening speech, the State Secretary of the Ministry of Industry and Mineral Resources, S. Javhlanbaatar, emphasized that "the oil field discovered by Mongolian engineers, geologists, and geophysicists is being put into operation."
L. Bayarmandal, head of the Department of Minerals and Petroleum, said, "At a time when the Government of Mongolia intends to put the Oil Refinery into operation in 2027, the contribution of the "Tsen Crane-1" field, which is starting production, is great for the reliable supply of raw materials to the plant." It was highlighted during this time.
He also reminded to follow the laws and regulations of Mongolia when carrying out any work of oil exploitation and extraction, to get relevant permits in time, to prepare documents and materials in a proper manner. He expressed that he would support within the framework of the law.
"Petromatad" LLC is a public joint-stock national company listed on the London Stock Exchange. The PSA Agreement with AMGTA was first established in 2006, and the PSA Agreement was revised in 2018 in accordance with the Petroleum Law.
Mike Buck, the CEO of Petro Matad, said, "We have been waiting for a long time to put the Tsengoru-1 well into production. We are happy to have cooperated with the relevant ministries, AMGTG, and Petrochina."
The oil reserves of the "Tseng Crane-1" deposit are registered in the unified fund of mineral resources as 1.15 million tons in 2021, of which 137.9 thousand tons are guaranteed for use.
"Petro Matad" LLC plans to extract 200 barrels of oil per day from the field as a test in 2024, and has completed fluid fracturing and installation of well surface facilities.
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