Remote Mongolia the next big oil frontier?October 20, 2011
Positive geological and geophysical data; reported oil seeps throughout the nation’s sedimentary basins, as well as recent oil discoveries; and the geologic similarity of Mongolia’s hydrocarbon basins to producing basins in neighbouring China, offer explorers a rare opportunity to find significant reserves. US consultancy Gustavson Associates claims there is a high probability of finding substantial resources. But, for now, the country’s potential remains almost unknown. A lack of exploration data makes it impossible to accurately estimate the recoverable reserves.