Driving The UAE's Leadership In Clean Energy:
In October 2010 Genoil Inc. signed an exciting corporate partnership with S.B.K. Holdings creating a new company called Genoil Emirates. In late 2012 Genoil Emirates was granted a license to do business in the U.A.E. The Chairman of SBK Holding Commercial Business Group - Sheikh Sultan Bin Khalifa Bin Zayed Al Nahayan's mission is to "manage the resources at our disposal today in an efficient and responsible manner to secure the development of the UAE for future generations. Mindful always of how history and the beneficiaries of our legacy will judge us. To this end we invest in the development of our country and forge strategic relationships with distinguished partners seeking to to apply their expertise to the achievement of the aspirations of the people of the UAE and the improvement of the quality of the lives of it's citizens and inhabitants." The United Arab Emirates has experienced a pace of development almost without precedent, led by visionary founders who are eager to embrace the future.
Genoil Emirates has become a pillar of Abu Dhabi's clean technology vision. Facing the challenge of how to meet the world's growing energy needs while also reducing the impact of energy use on the environment. We have opened offices here in Abu Dhabi and in Dubai to focus on business development for all Genoil's clean technologies, especially; desulfurization and carbon ratio reduction, oil upgrading and recycling, water purification port technologies, well testing, sand cleaning, and wastewater treatment. Abu Dhabi is a global magnet which continually draws on the best most cutting edge technologies from around the world. The UAE is emerging as the global center of future clean energy technology, and Abu Dhabi is one of the fastest developing capital cities on earth. What better place to start?
With 98 billion barrels of proven reserves, the UAE has the worlds 7th largest oil reserves and possesses one of the most developed economies in the Middle East. Abu Dhabi alone has slightly less than 10% of the worlds crude oil reserves. (See study) In addition the Emirates is aspiring to become the most sustainable community in the world providing an exciting environment for clean-tech, and innovation driven companies like Genoil Emirates. With many international leaders in the field located here, Genoil can take full advantage of the many benefits that are so important to a country defined by rapid and continuous advancement in technology. The Emirates is totally committed to solving the enormous environmental challenges facing the world today. There is a no more desirable location for Genoil to establish it's presence than in Abu Dhabi.
Upper Zakum Oil Field (high in sulfur):
Fifty miles off the coast of Abu Dhabi lies one of the world's largest oil fields. Operated by ZADCO it is considered to be the world's 4th largest oil field with approximately 50 billion barrels of crude oil with production targets increasing 40% to 750,000 barrels per day by 2012. Zakum crude is high in sulfur at 1.89% and has an API of 34. The expansion is part of a mega hydrocarbon project being carried out by Abu Dhabi which will push the UAE's total production capacity above 3 million barrels per day.
GHU Offers Unmatched Desulfurization & Carbon Reduction:
Genoil's GHU offers unmatched desulfurization and carbon reduction technology. Capable of treating low, moderate, and high sulfur crude eliminating it by 99.5%, thus creating tremendous added value. We believe this to be the most important significant oil refining breakthrough. The cleantech energy industry in the region is expected to grow dramatically, as international dependance on imported fossil fuels increases. There is a growing commitment from governments around the world which is reflected in ambitious carbon reduction and sulfur reduction goals. The GHU is commercializing sustainability and cleantech.
Interestingly, when the oil price crashed in 2008 on a marginal decline in consumption from 87 million barrels per day to 83 million, it forced the oil price down from $140.00 per barrel to less than $40.00 per barrel. When you consume 83 million barrels a day of oil there is still significant annual depletion that must be compensated by further drilling. Unfortunately even while consumption hovered around 85 million barrels per day new drilling collapsed by 50% due to the lower price. It is possible that drilling could have declined further but did not due to existing drilling contracts. Oil companies do not like to stop a field development in midstream. The drilling decline meant a shortfall of 2.5 million barrels a day in about three to five years which is the number of years it takes to develop a newly discovered field. This shortfall lasts as long as the industry is discouraged. See Chart
While it seems that everything is wonderful as the supply is in excess of the demand, and the prices have drastically fallen, it is because of the supply coming from the production that had taken place from the previous 3-5 years of drilling giving the impression everything looks good. By 2012 it is expected that the current drilling decline will come back to haunt us. At that time demand should be quite healthy as China and India continue their rapid growth and western economies come out of their recessions. So we predict a massive upward price correction due to a real shortage of supply.
Genoil Emirates expects that global energy demand in 2030 will be almost 35% higher than in 2005. We see many wonderful things. Economic recovery & growth, improved living standards, a reduction in poverty, & promising new energy technologies gaining acceptance. CEO David K. Lifschultz says "The Future of energy is directly linked to the future well being and prosperity of the world's people."
- Growth will be led by rapid expansion in non OECD countries such as China & India where energy usage will rise by 65%.
- Demand will be particularly intense for electric power generation, which will comprise of 40% of global energy demand by 2030.
Remaining Oil Reserves:
"All the countries in the Middle East are going to have to start grappling with these [heavy-oil] reserves," says Andrew Gould, chairman and chief executive of oil-field services giant Schlumberger Ltd., which has worked on several heavy-oil projects in the region. "They've never had to think about it before."
David Lifschultz discussed this problem with Secretary of Energy Samuel Wright Bodman III and explained this tremendous problem further discussing the lack of an effective United States Energy Policy. He agreed that United States policy should be to develop heavy oil by converting it with the Genoil technology. He agreed that there are 400 billion barrels of light oil in reserve producing 76 million light barrels a day of oil. That there are 900 billion barrels of heavy oil yielding only 9 million barrels a day. 76 million per day X 365 days = 27.5 billion barrels per year. Divide that into the total light reserves of 400 billion and it equates to 14.54 years of reserves. Factoring in new discoveries, one can conservatively estimate 20-30 year supply of world light oil. See chart
Genoil believes that meeting future energy needs while reducing environmental risks will require investment in new technologies like the GHU upgrader, expanding all economic energy sources, and mitigating emissions through the use of new technologies and cleaner burning fuels such as low sulfur gasoline and diesel. This approach will require trillions of investment dollars and unwavering commitment to research innovation and technological breakthroughs. It can only be achieved with sound governmental policies that enable access to resources and encourage investment in technological development.
The GCC countries understand this principle very well. They have developed a partnership with Genoil, and see Genoil's technologies as a gateway to the future. UAE Moving forward.
- Genoil Signs an Agreement with Munich Capital Partners to Finance Genoil GHU Projects Around the World
- Genoil Inc. and Hebei Zhongjie Petrochemical Sign a New 700 Million Dollar Contract for the Operation and Construction of a Heavy Oil Refinery Utilizing the GHU Technology
- Land Preparation Already Underway for Genoil Refinery