Genoil Inc. (GNOLF)

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Genoil Signs Agreement with CAP Energy to Develop Oil Fields in the MSGBC Basin

Published Feb 10, 2018

Genoil (GNOLF), the publicly traded clean technology engineering company for the petroleum industry, has signed an agreement with CAP Energy to develop oil fields in the MSGBC Basin (Mauritania, Senegal, The Gambia, Guinea Bissau and Guinea Conakry). The project on the North West African Atlantic Margin (NWAAM) is Genoil’s first venture in Africa and adds to its growing network of global partnerships.

Under the agreement, Genoil will work with CAP Energy, leveraging both their complementary strengths and resources, to develop assets including current oil exploration licenses, as well as exploring opportunities for Genoil’s advanced Hydroconversion Upgrader (GHU) desulphurisation technology. The GHU converts heavy or sour crude oil into much more valuable, compliant low sulphur oil, at the fraction of the cost of traditional refining processes.

Genoil will also be initiating investment and development opportunities in the region through its international partnership with the China Development Bank and Chinese oil industry.

CAP Energy is focused on the exploration, development and production of conventional hydrocarbons in sub-Saharan Africa. The company has a range of offshore interests in Guinea Bissau and Senegal. In Guinea Bissau CAP Energy is licensed to explore and develop blocks with estimated total prospective resources (Pmean) exceeding 10 billion barrels.

Bruce Abbott, Chief Operating Officer, Genoil, commented: “The MSGBC Basin is about one-third of the size of the Gulf of Mexico. More than half of the existing wells are in depths of only 100 metres which facilitates ease of exploration. There is huge potential in the region which is evidenced by the discoveries by Kosmos Energy and Cairn Energy, the latter being adjacent to blocks licensed to CAP Energy. We will be working with CAP and our Chinese partners to both maximise opportunities for our GHU low sulphur technology and provide the investment required to develop these exciting prospects.”

The agreement is the latest link in Genoil’s international network which spans opportunities in Russia, Vietnam, India, North America, Mexico, Saudi Arabia and the Gulf Cooperation Council region.
Source: Genoil

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