EGL is one of the three holders of 10-year leases granted by the US Bureau of Land Management to research, test and demonstrate the potential for commercial oil shale production in western Colorado, US. The area is estimated to contain the world’s richest oil shale reserve, with 1.2 trillion barrels of potentially recoverable oil.
The 10-year lease affords EGL the opportunity to demonstrate its innovative oil shale recovery technology in the field. The other holders of similar leases in Colorado are Royal Dutch Shell and Chevron.
Once EGL demonstrates the economic and environmental viability of its technology, it will have the opportunity to expand its lease to 5,120 acres for commercial development. IDT’s investment in EGL is part of a broader strategic initiative to significantly expand its operations in the energy sector.
