Enefit American Oil

Enefit American Oil
Enefit American Oil
Type Private, subsidiary of Eesti Energia
Industry Oil shale industry
Founded 2005 (2005)
Headquarters Vernal, Utah, United States
Key people Rikki Hrenko (CEO)
Parent Eesti Energia
Website www.enefit.com/americanoil

Enefit American Oil (former name: Oil Shale Exploration Company - OSEC) is a Utah based oil shale exploration and development company. It has been involved in the development of oil shale since 2005.[1] Since 2011, it is a subsidiary of Eesti Energia.

Contents

History

OSEC was formed as a limited liability company by following companies:

  • L&R Energy, Inc.
  • Twin Pines Coal Company
  • Shale Investments, LLC[2] In 2008, OSEC concluded a contract with Brazilian oil company Petrobras and Japanese investment and trading company Mitsui according to which Petrobras and Misui had a right to acquire 10%-20% interests each in an oil shale joint venture with OSEC.[3][4]

In March 2011, it was announced that Estonian energy company Eesti Energia will acquire 100% of OSEC's shares.[5] On 15 March 2011 the transaction was approved by Committee on Foreign Investment in the United States.[6][7]

Operations

Enefit American Oil owns or leases more than 30,000 acres (120 km2) of oil shale property in the Green River Basin in Utah, containing more than 3–4 billion barrels (480×10^6–640×10^6 m3) of shale oil.[3] It also lease from the United States Bureau of Land Management the abandoned White River Oil Shale Mine 45 miles (72 km) southeast of Vernal, Utah. The White River Mine was developed by the White River Shale Corporation in the early 1980s. In 1986, after termination of operations, the mine and surface facilities were turned over to the Bureau of Land Management.[8] Enefit American Oil intends to reopen the mine to supply oil shale for testing, development, and operation of a surface-based 50,000 barrels per day (7,900 m3/d) RD&D oil shale retort facility.[2]

Technology

Originally OSEC planned to use the Alberta Taciuk Process (ATP). To use the ATP retort technology, OSEC entered into a license agreement with AECOM, then owner of the ATP proprietary information.[8][2] However, on 9 June 2008, OSEC announced it had signed an agreement with Petrobras and Mitsui according to which Petrobras agreed to undertake a technical, economic and environmental commercial feasibility study of Petrosix shale oil extraction technology for oil shale owned or leased by OSEC in Utah.[3] Few results of the study were disclosed. After acquiring 100% of OSEC shares in March 2011, Eesti Energia announced it would conduct a new commercial study using its Enefit Process.

References

  1. ^ "Trio leap into oil shale venture in Utah". Upstream Online (NHST Media Group). 2008-06-09. (subscription required). http://www.upstreamonline.com/live/article156711.ece. Retrieved 2008-08-18. 
  2. ^ a b c (PDF) Secure Fuels from Domestic Resources: The Continuing Evolution of America’s Oil Shale and Tar Sands Industries. United States Department of Energy. 2007. http://www.nevtahoilsands.com/pdf/Oil-Shale-and-Tar-Sands-Company-Profiles.pdf. Retrieved 2008-08-18. 
  3. ^ a b c "Oil Shale Exploration Company Signs Agreement with Affiliates of Petroleo Brasileiro". Reuters. 2008-06-09. http://www.reuters.com/article/pressRelease/idUS137163+09-Jun-2008+BW20080609. Retrieved 2008-08-18. 
  4. ^ "Oil Shale Exploration Company Signs Agreement with Affiliates of Petrobras and Mitsui". Oil Voice. 2008-06-10. http://www.oilvoice.com/n/Oil_Shale_Exploration_Company_Signs_Agreement_with_Affiliates_of_Petrobras_and_Mitsui/99376b15.aspx. Retrieved 2008-06-21. 
  5. ^ "Eesti Energia will start developing US oil shale industry" (Press release). Eesti Energia. 2011-03-09. https://www.energia.ee/en/home/start/-/asset_publisher/C5Xi/content/modalwindow/486519. Retrieved 2011-03-09. 
  6. ^ Hõbemägi, Toomas (2011-03-16). "U.S. authorities approve Eesti Energia’s plan to buy OSEC". BBN. http://balticbusinessnews.com/article/2011/3/16/u-s-authorities-approve-eesti-energia-s-plan-to-buy-osec. Retrieved 2011-03-16. 
  7. ^ Tammik, Ott (2011-03-16). "US Government Clears Eesti Energia for Acquisition". ERR. http://news.err.ee/economy/68c63cac-0680-4fd9-a314-b089c5374422. Retrieved 2011-03-16. 
  8. ^ a b Aho, Gary (2008). "OSEC's Utah oil shale project" (PDF). 28th Oil Shale Symposium. Golden, Colorado: Colorado School of Mines. http://mines.conference-services.net/viewPDF.asp?conferenceID=1128&abstractID=163308. Retrieved 2008-08-18. 

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