US operator Genie Energy has grown its oil shale exploration acreage portfolio in Mongolia after sealing a deal to explore a large area in the centre of the country. Genie signed a prospecting agreement with the Petroleum Authority of Mongolia (PAM) for a 25,000sq km area southeast of the capital Ulaanbaatar. The deal means Genie now has exclusive rights to explore for oil shale over around 60,000sq km in Mongolia.
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