Ulaanbaatar
Oil explorations being conducted on 25 sites
Economy | Mining
Ulaanbaatar /MONTSAME/ The Petroleum Authority has reported that more than USD 50 million is expected to be invested in oil exploration in 2017. As of June, 21 contracted companies are conducting exploration on 25 sites. Deals for exploration on three other sites and one open exploration, and a tender is underway for two sites, reports the authority.
The most successful among the international companies that have been operating in Mongolia is Petro Matad. The company secured a deal with Sinopec and is starting drilling works this September. As of last Friday, price of Petro Matad’s stock rose by 1.49 percent at the London Stock Exchange.
The Government has set a goal to accumulate MNT 233.5 billion from the oil exports to the government budget. In the first five months of this year, MNT 83.7 billion was accumulated, with 42.2 percent export completion. Also, USD 452 million is going to be invested in extraction of oil.
The most successful among the international companies that have been operating in Mongolia is Petro Matad. The company secured a deal with Sinopec and is starting drilling works this September. As of last Friday, price of Petro Matad’s stock rose by 1.49 percent at the London Stock Exchange.
The Government has set a goal to accumulate MNT 233.5 billion from the oil exports to the government budget. In the first five months of this year, MNT 83.7 billion was accumulated, with 42.2 percent export completion. Also, USD 452 million is going to be invested in extraction of oil.
B.Amarsaikhan
