The official inauguration of the “Tsen Togoruu-1” field, part of the “Matad-XX” field operated by Petro Matad LLC, took place in Matad Soum, Dornogovi Province. In 2006, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) signed a production-sharing agreement for the “Matad-XX” field with Petro Matad LLC.
The company was listed on the London Stock Exchange in 2008, becoming the first Mongolian firm to enter the international stock market. To date, USD 67 million has been invested in the field, which has included a two-dimensional seismic survey covering 1,800 km, a three-dimensional survey of 134 km², and the drilling of 14 exploratory wells.
These efforts have resulted in guaranteed reserves of 8.7 million barrels, or 1.1 million tonnes of oil, which were officially registered in 2021. Petro Matad LLC aims to extract 200 barrels of oil per day from the “Tsen Togoruu-1” well starting in 2024. Consequently, fluid fracturing operations and the installation of well-surface structures have been carried out.
In 2023, Mongolia exported 4.7 million barrels of oil, generating USD 364 million in revenue, while in the first nine months of the current year, it exported 3.1 million barrels worth USD 248 million. An additional USD 431 million is required to continue the EPC-4 package for the oil refinery under construction in Altanshiree Soum, Dornogovi Province, which has a capacity of 1.5 million tonnes per year.
Completion of the 530 km pipeline from Matad Soum in the Eastern Province to the refinery site is planned for 2025. Over the past 30 years, Mongolia has invested USD 4.6 billion in oil exploration and research, resulting in the identification of 332.6 million tonnes of guaranteed reserves and 43.2 million tonnes of usable guaranteed reserves.
