Mon, 10 Aug 2020

Velikoye oil field is the largest Russian oil field discovery in the last 20 years and the project is of significant interest to numerous international oil companies

NEW YORK, NY / ACCESSWIRE / October 7, 2019 / Genoil Inc. (OTCQB:GNOLF) announces that the largest bank in China and the largest bank in the world by total assets, deposits, loans, number of customers and number of employees has been formally retained. They have been working for the past several months to bring strategic investors and finance for development the massive Velikoye oil field in Russia. Due to the recent destabilizing events in the Middle East, all parties have expressed a strong desire to move fast on this project because this project unlocks an alternate source of crude oil supply.

AFB is an oil company holding both exploration licenses and production licenses for a total of 700 square kilometers. These licenses are estimated to contain 150 billion tons of oil and oil equivalent. With the support of the largest bank in the world, Genoil Inc. is leading a consortium towards development of the project.

Chairman & CEO, Mr. David K. Lifschultz states, 'We have had many meetings with the SuperBank recently here in Russia, which is evidence of their keen interest. They are completing their reports and the next step is to have meetings with the major investor that they have sourced. The Velikoye Oil Field could be the most important new oil field in Russia. There is also a possibility to commercialize the GHU technology on the site to upgrade and desulfurize the crude production from this field. This project has attracted the largest bank in the world, and they have indicated that one of their significant investors is interested to invest in the project.'

The magnitude of the discovery of a large oil field in the Astrakhan Region came to light several years ago. Interfax at that time quoted the lead geologist at AFB that the company estimated the field's reserves at 150 million tons of oil equivalent and 40 billion cubic meters of natural gas, confirming that this is the largest oil field discovered in Russia in the last 20 years. At the same time, it was noted that the Velikoye field has very good light and sweet crude oil. The estimated capital requirements to develop Velikoye is approximately $5 billion USD beginning with further seismic work, asessment of wells and initial production.

About AFB Energy

AFB has two licenses for the right to geological exploration and production of raw hydrocarbons within the Tambov license block. The first license is for the Meso-Cenozoic sedimentary complex and is effective until 2030, and the second license is for the Paleozoic sedimentary complex and effective until 2036. There are no limitations on the validity of any license renewals.

About Genoil Inc.:

Genoil is an independent exploration, production company which has experience drilling for oil and gas in the Caribbean. The company specializes in heavy oil development and is focused on long term growth. Genoil has developed a proprietary, state of the art patented advanced hydroconversion process technology (heavy to light & sour to sweet). This advanced Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery bottoms into clean crude that is much more valuable. This more valuable crude produces a higher value product slate meaning that this new crude oil refines into clean-burning fuels for transportation. The company is deeply focused on the downstream transportation refining industries especially shipping. Hydroconversion is a common and proven desulfurization process, capable of processing various feedstocks ranging from crude oil to Naptha.

The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulphur oil for a very low cost. The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulphur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.

About: The UFA Scientific Research Institute of Petroleum Refining and Petrochemistry:

The State Unitary Enterprise ''Institute of Petroleum Refining and Petrochemistry of Republic of Bashkortostan'' is located in the capital of the Republic of Bashkortostan, Russian Federation. This massive state-of-the-art Institute covers more than 12 hectares of land (30 acres) and has 20 research buildings on site. The institute employs about 500 engineers and staff and has a history of more than 60-years of experience in the field of hydrocarbon processing technologies and well recognized by the Industry. UFA is the number one institute in Russia and is funded by the government of Russia. The institute specializes in refining and heavy residue processing. 03.07.2018 on the basis of the Order of the Ministry of Land and Property Relations of the Republic of Bashkortostan No. 218 of 02.03.2018 the State unitary enterprise 'Institute of Petroleum Refining and Petrochemistry of the Republic of Bashkortostan' was recently converted to a Joint-stock company Institute of Petroleum Refining and Petrochemistry (JSC INKhP).

About: Beijing Petrochemical Engineering Company:

Genoil Partner EPC Company BPEC was founded in 1979 and is a first-class engineering company based in Beijing and its parent company is the fourth largest Chinese oil company, Shaanxi Yanchang Petroleum Group Corp Ltd. BPEC currently has about 1200 employees and holds a class A qualification of engineering consulting and engineering design. The company has been mainly engaged in engineering consulting, engineering design, EPC, engineering technology development and other related business in the fields of refining, petrochemical, coal-chemical, natural-gas-chemical, oil and gas fields, storage and transportation, etc.

About: Shaanxi Yanchang Petroleum Group Corp. Ltd:

Formerly ''Yanchang Oil Plant'' founded by the Qing regime in Yan'an in 1905, Yanchang Petroleum is China's only century-old oil enterprise and the driller of the first oil well on the Chinese continent. Shaanxi Province where Yanchang Petroleum is located in an emerging key oil & gas province in China, with rapid growth of 5 million tons oil & gas equivalent on average every year since the beginning of the ''twelfth five-year'' period. In 2012, Shaanxi province became China's largest oil & gas-producing province with oil & gas equivalent of over 60 million tons. They are also one of the largest producers of coal in China with 18 billion tons of coal reserves, and 300,000 bpd of oil production.

About: OJS ''VNIIUS'' Institute in Kazan:

As a technical partner of Genoil, VNIIUS is one of the leading research institutes in Russia in the field of production and consumption of hydrocarbon feed. With 50-years of experience in practical work allows us to render assistance to oil and gas producing companies, to oil and gas processing companies and also to companies of deep oil processing and sulfur recovery. VNIIUS has cooperated with Chevron and over one hundred different companies from around the world.

FORWARD LOOKING STATEMENTS: Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as ''seek,'' ''anticipate,'' ''hope,'' ''plan,'' ''continue,'' ''estimate,'' ''expect,'' ''may,'' ''will,'' ''intend,'' ''could,'' ''might,'' ''should,'' ''believe'' and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward-looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at and with the Securities Exchange Commission available at

For more information please contact:
David Lifschultz
Tel: 212 688 8868

SOURCE: Genoil Inc.

View source version on

Sign up for Milwaukee News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!