Sandy, Utah-based Red Leaf Resources Inc. has closed a joint venture for oil shale development in Utah with Total E&P USA Oil Shale LLC , a U.S. affiliate of Total SA, Paris, (Paris: TOT).
Red Leaf and Total will jointly launch an early production system (EPS) to prove the commercial scalability of Red Leaf's EcoShale In-Capsule process on oil shale leaseholds in the Uintah Basin of Utah. This “ex-situ” technology is applicable to shallow oil shale formations which will first be mined, then placed into large sealed capsules before undergoing a slow pyrolysis reaction to yield high quality hydrocarbons. The EcoShale process has a significantly reduced environmental footprint compared to operations for any other existing 'ex-situ' oil shale production technologies. Total will fund an 80% share of the EPS expenses, which are estimated at approximately $200 million in the aggregate.
Red Leaf and Total intend to launch an advanced commercial scale project on approximately 11,000 acres of jointly owned oil shale leaseholds that are estimated to contain several hundred million barrels of recoverable hydrocarbons. Total will also fund an 80% share of the first $200 million of the commercial production phase of operations.
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