RE: MNG Government Focus on Exploration12 Dec 2019 06:32
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"Yesterday, the Government instructed the relevant ministers, agencies and governors at all levels to encourage oil exploration companies to intensify their work and increase oil reserves. The event aims to provide continuous and reliable oil refineries in Dornogovi province. Our country is building 1.5 million tons of oil refineries per year. At the same time, 900,000 tonnes of oil is exported and exported from three fields in the Eastern Basin. This is equivalent to 60 percent of the plant's capacity. There is a need to “find” 600,000 tonnes of oil to get the full capacity of the plant. So the decision to intensify oil exploration
"According to the Production Sharing Contracts, we have 200 thousand tons of oil annually. So the plant is built, but it does not depend on the oil and the product it produces. " Then the Oil Law stipulates the priority right to purchase oil from its territory if a refinery is built. Such conditions are also included in the production sharing contract. The three oil-producing companies have invested about $ 4 billion. That's $ 280 million in exploration.
Indeed, in fact the Price Minister U. Khurelsukh who supports the construction of oil refinery in Mongolia just recently visited Petro China oilfield to get acquainted with their operations. I believe he is eyeing his next big move of making the oil refinery project a success in Mongolia. FYI, this Prime Minister is known for his strong leadership and willpower to take the country's development to its next level. He even tackled the country's air pollution issue this year, but this news hasn't reached the global spotlight yet.