NEW YORK, NY / ACCESSWIRE / December 5, 2017 / Genoil (OTCQB: GNOLF), the publicly traded clean technology engineering company for the petroleum industry, has signed an agreement to develop five oil and gas fields in the Sakha Republic (Yakutia), Russia, with recoverable reserves of 1.8 billion barrels. The scale of the project will require $35B USD with the first phase costing $6B USD representing a landmark agreement for Genoil.

Genoil will provide technology and project consultancy, as well as advising on the finance and development of upstream and downstream projects in Yakutia. Genoil will act as the lead consultant on all aspects of the project which will include engineering procurement and construction (EPC), equity and debt financing, and oil field services, as well as oil field operations and natural gas development.

Under the agreement, Genoil will develop oil fields and refineries and will use its advanced Hydroconversion Upgrader (GHU) desulphurization technology, which converts heavy or sour crude oil into much more valuable, compliant low sulphur oil, for a low cost at the fraction of the cost of traditional refining processes.

The first oil field block will yield 240,000 bpd production and is directly adjoining the Khatanga block being developed by Russian state oil giant Rosneft. The estimated cost to connect this first oil block to the nearby East Siberia-Pacific Ocean (ESPO) and the Western Siberian pipeline systems is an additional US$1.1 billion. The ESPO pipeline is likely to be used by many other major oil companies developing energy assets in the Arctic.

The seismic work already completed on this property shows geological reserves in this first block estimated in excess of 80 million tons (550 million barrels of oil equivalents). and have hydrocarbon resources of approximately 800-850 million tons of oil equivalents (5.5-6.0 billion barrels of oil equivalents).

Bruce Abbott, Chief Operating Officer, Genoil, commented, “The agreement to develop these five blocks and unlock the potential of the oil reserves in Yakutia represents a landmark opportunity for Genoil and our long-term shareholders.” Mr. Abbott continued, “This opportunity represents the culmination of our hard work to integrate our GHU Technology into the development of major oil fields right from inception. We continue to build on the successes we have had in developing international relationships across the globe. We look forward to reporting on the progress of this project on an ongoing basis as it develops.”

In September 2017, Genoil signed a tri-partite science, research and technical cooperation agreement with two leading Russian institutions, the UFA Scientific Research Institute of Petroleum Refining and Petrochemistry, located in Bashkortostan, and the OJS «VNIIUS» Institute, located in Tatarstan. The partnership focuses on the petrochemistry, petroleum refining and gas chemistry industries where, through joint co-operation and a wide base of expertise, the parties саn add significant value to client proposals.

About Genoil Inc.:

Genoil is a publicly quoted clean technology engineering company for the petroleum industries. Genoil is headquartered in New York City. Genoil has developed its proprietary technology, the Hydroconversion Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean burning fuels for transportation industries including shipping. The GHU can be placed in remote locations, including receiving terminals, pipelines, and ports. The company operates one of the largest and most advanced pilot & design test facilities in the world, from its 147-acre site.

About The Genoil Hydroconversion Upgrader:

Genoil’s field upgrader (GHU) is an environmentally friendly process which reduces the carbon content of a barrel of crude oil while removing sulphur and nitrogen that cause greenhouse gases. The GHU economically (up to 75% less OPEX & CAPEX than existing processes) converts heavy crude oil, bitumen, atmospheric residues, and vacuum residues into a lighter crude so that it can be transportable by pipeline without the aid of diluent making it compatible for refineries. The GHU increases the yield of light products and decreases the residual portion of a heavy crude stream, producing a much more desirable refinery feedstock. Genoil is also working with environmentally focused companies to develop photovoltaic projects. The Genoil GHU was designed to be versatile, can be placed at many different locations, either upstream at oil fields, or downstream at refineries, in a standalone form at ports and other logistical locations.

Forward-Looking Statements:

Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company’s ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company’s financial results can be found in the company’s Reports filed with the Securities and Exchange Commission.

For further information, please contact:

Peter Weedon
BLUE Communications
T: 01865 514214
E: peter.weedon@blue-comms.com

Investors contact:

Steven Chizzik
Investor Relations Genoil
T: 201 454 5845
E: chizz1@comcast.net

SOURCE: Genoil Inc.