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Petrobras-Osec-Mitsui Consortium to Study Utah Oil Shale Project

Posted on: Tuesday, 10 June 2008, 09:01 CDT

Brazilian energy major Petrobras has signed an agreement with the Oil Shale Exploration Company and the Japanese investment and trading company Mitsui, pursuant to which both have agreed to jointly conduct a feasibility study for the oil shale development project in Utah, US.

Petrobras will undertake a technical, economical and environmental commercial feasibility study testing its oil shale technology called Petrosix on mineral resources controlled by Oil Shale Exploration Company (Osec) in Utah.

Mitsui will provide advice concerning project management and promotion. Under this agreement, based on the result of the feasibility study and certain other conditions, both Petrobras and Mitsui have obtained the right to acquire a 10% to 20% stake each in the project from Osec.

The Petrosix oil shale processing technology is a proprietary retort technology, developed by Petrobras, with more than 30 years of successful commercial operation at its Sao Mateus do Sul unit in the Parana state of Brazil.

The Osec oil shale project in Utah encompasses the lease of an oil shale property from the Bureau of Land Management for research, development and demonstration, and the development of a 22,000-acre privately-owned oil shale property in the Green River Basin of Utah.

The combined lease and owned property provides Osec with ownership or rights to more than 30,000 acres of oil shale property, with a discovered resource base in the range of three billion barrels.

Source: Datamonitor

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