Crude oil earned MNT57.2 billion in 2010 in Mongolia
25 fields have been identified for oil exploration and product sharing agreements have been signed for 18 of them until the end of last month
Of the 13 companies working in oil exploration and production, 33% are Mongolian, 39% Chinese, and the remaining 28% are from other countries
USD1.5 million has been invested since 1993 and 813 bore holes drilled. A million tons of oil has been produced since 1998 and 975,600 tons of this has been exported to China. The state budget has so far earned MNT144.1 billion from sale of crude and other oil-related sources. In 2010, 295,100 tons of oil was exported for MNT57.2 billion. After reviewing a report from Petro China Dachin Tamsag LLC, it has been decided to record that Toson-Uul XXI has a confirmed reserve of 119.02 million tons of oil. Present estimates are that 12.6 million tons of this will be produced there until 2029, earning USD1.6 billion.
Crude production and export have been increasing in recent years, following intensive exploration and exploitation in Tamsag and other basins of Dornogobi aimag. The 2010 export of 294,200 tons was 1.8 times more than in 2008. Answering a query from P.Altangerel, Amarsaikhan said preparatory work on a draft law on petroleum was almost done and it would soon be ready for submission to Parliament. Mongolia imports all the petroleum it uses. The import figures for 2008, 2009 and 2010 are, respectively, 884,100 tons, 779,600 tons, and 886,400 tons. Russia was the source for 98.2% of this last year, while 1% came from China and 0.8% from South Korea. With growing industrial demand, it is estimated that Mongolian consumption will increase to 1,200,000 tons in 2015
