Some USD 50 million expected to be invested in oil exploration this year
As of June, 21 contracted companies are conducting exploration on 25 sites.
Some USD 50 million is expected to be invested in oil exploration this year, said the Petroleum Authority of Mongolia. 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 past Friday, the 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 the extraction of oil.
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