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→IEI Technology: Genie does not qualify its statement as relating only to "proposed" in-situ tech. No in-situ tech is past early development stage.
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| url=http://uk.reuters.com/article/2011/04/27/israel-oil-shale-idUKLDE73J0N020110427
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| accessdate = 2011-10-06}}
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</ref> According to Genie Energy's SEC filing, proposed ''in-situ'' technology is in its early stages of development and the company recognizes that it may not be able to develop technology that is environmentally acceptable and economically viable.<ref name=sec>
</ref> According to Genie Energy's SEC filing, ''in-situ'' technology is in its early stages of development and the company recognizes that it may not be able to develop technology that is environmentally acceptable and economically viable.<ref name=sec>
{{cite web
{{cite web
| url= http://www.sec.gov/Archives/edgar/data/1528356/000121390011004784/f1012gex99i_genieenergy.htm
| url= http://www.sec.gov/Archives/edgar/data/1528356/000121390011004784/f1012gex99i_genieenergy.htm

Revision as of 21:16, 27 October 2011

Genie Energy
Company typePrivate
IndustryOil and gas industry
Electricity
Headquarters
Newark, New Jersey
,
United States
Key people
Howard Jonas (Founder and chairman)
Claude Pupkin (CEO)
Avi Goldin (CFO)
ParentIDT Corporation
Websitegenie.com Edit this on Wikidata

Genie Energy is an energy company headquartered in Newark, New Jersey. It is a holding company comprising IDT Energy, a retail energy provider, and Genie Oil & Gas, which controls the company's ventures in oil shale research and development in Colorado and Israel. Genie is part of IDT Corporation. IDT intends to spin off Genie to its shareholders in 2011.[1] Post spin-off, Genie will be a separate publicly traded company.

Genie's founder, chairman and controlling shareholder is Howard Jonas. Claude Pupkin is the company's CEO, and Avi Goldin is its CFO. Geoffrey Rochwarger is Genie's vice chairman.

Genie previously announced a strategic advisory board whose members provide strategic direction and council. Its members include former Vice President Dick Cheney, Michael Steinhardt, Jacob Rothschild, and Rupert Murdoch.[2]

IDT Energy

IDT Energy, founded in New York State in 2004, is a retail energy provider which resells electricity and natural gas to residential and small business customers in New York, New Jersey, and Pennsylvania. It is the largest residential retail energy provider in New York State.[3] Unlike many of its competitors, IDT Energy does not offer long term, fixed price contracts. Nearly all of its customers are on variable rate plans and can change supplier at any time.[4]

Genie Oil & Gas

Genie Oil & Gas (GOGAS) seeks to acquire and develop unconventional fuel resources including oil shale and develops innovative fuel extraction technologies to produce oil and natural gas. GOGAS consists of American Shale Oil (AMSO) and Israel Energy Initiatives (IEI). 89% of GOGAS is owned by Genie Energy while Jacob Rothschild, Michael Steinhardt and Rupert Murdoch hold minority interests.[2][5][6]

American Shale Oil

Main article: American Shale Oil

American Shale Oil (AMSO) is a 50/50 joint venture between IDT Corp and Total S.A.. [7] AMSO plans to demonstrate that commercial quantities of oil can be produced through its in-situ technology which involves heating oil shale to over 650 °F (340 °C) to extract shale oil.

AMSO's BLM lease

AMSO holds a Research, Development and Demonstration (RD&D) lease from the U.S. Bureau of Land Management in Colorado's Piceance Basin.[8] AMSO is one of six companies that have been granted BLM leases for the purpose of developing oil shale resources on public lands. Each lease comprises a 160 acres (65 ha) tract, as well as a preferential right to a contiguous area of 4,960 acres (2,010 ha). The leases grant an initial term of 10 years and the possibility of up to a 5-year extension upon proof of diligent progress toward commercial production. RD&D lessees may apply to convert the leases plus the contiguous area to a 20-year commercial lease once commercial production levels have been achieved and additional requirements are met.[9] AMSO estimates that the total BLM tract of 5,120 acres (2,070 ha) contains 10 billion barrels (1.6×10^9 m3) of oil equivalent.[10][11]

AMSO Technology

AMSO's tech team is headed by Dr. Alan Burnham, an expert in oil shale processing with 30 years of experience working for Lawrence Livermore National Laboratory. AMSO's proposed technology is called CCR (Conduction, Convection, Reflux).[12][13]

Israel Energy Initiatives

Israel Energy Initiatives (IEI), founded in 2008, has an exclusive oil license to explore oil shale resources on 238 square kilometres (92 sq mi) in Israel's Shfela region.[14] The area contains large underground oil shale formations, which IEI estimates could potentially be converted to 40 billion barrels (6.4×10^9 m3) of oil equivalent.[14] IEI has completed geological surveys and tests in an appraisal stage and hopes to begin a pilot project during 2012. The pilot project would produced oil not before 2017. The pilot test is intended to prove the viability of the company's in-situ extraction technology.[14][15]

The Israel Union for Environmental Defense has petitioned the Supreme Court of Israel to review the legality of the IEI license. The court has scheduled a hearing on the matter for April 2012.[citation needed]

IEI Technology

IEI plans to use In Situ Conversion Process technology for its pilot project. The pilot will follow the format of a 1995 in-situ trial by Royal Dutch Shell, whereby 6 vertical wells for electrically heated rods were drilled in a hexagonal formation, with a production well placed at the center of the hexagon.[16] IEI has also stated that subsequent development (conditioned on receiving a development lease) would be based on technology more similar to that proposed by sister company AMSO, including horizontal wells and injection of hot gas or fluids.[11] The chief scientist at IEI is Harold Vinegar, former chief scientist for in-situ conversion processes with Royal Dutch Shell.[17] Vinegar has claimed that proposed in-situ technology can produce oil at all-in costs of US$35-40 per barrel.[18][19] According to Genie Energy's SEC filing, in-situ technology is in its early stages of development and the company recognizes that it may not be able to develop technology that is environmentally acceptable and economically viable.[20]

Environmental concerns

Israel's major environmental organizations, including the Jewish National Fund, the Society for the Protection of Nature in Israel, and the Israel Union for Environmental Defense have protested the IEI license. Environmental concerns include the potential for contaminating Israel's Shfela aquifer, which runs underneath the Shfela oil shale formation, for destroying a rural region of Israel that currently promotes eco-tourism, and for reversing Israel's efforts to reduce greenhouse gas emissions.[15] Residents of the local community of Adullam and their supporters have also mounted a campaign to stop the IEI work, citing both the environmental damage and the questionable economic value of the project.[21]

References

  1. ^ "IDT says it's spinning off Genie energy subsidiary". Bloomberg Businessweek. Associated Press. 2011-08-29. Retrieved 2011-10-06.
  2. ^ a b "Business and Financial Leaders Lord Rothschild and Rupert Murdoch Invest in Genie Oil & Gas" (Press release). IDT Corporation. 2010-11-15. Retrieved 2011-10-06.
  3. ^ [1] IDT Energy website
  4. ^ 10-k, IDT Corp, July 31, 2011
  5. ^ "Michael Steinhardt to Become Chairman of IDT Corporation Subsidiary, Israel Energy Initiatives" (Press release). IDT Corporation. 2010-04-19. Retrieved 2011-10-06.
  6. ^ "Murdoch, Rothschild invest in Israeli shale oil". The Jerusalem Post. 2010-11-22. Retrieved 2011-10-06. {{cite news}}: |first= missing |last= (help); Unknown parameter |Last= ignored (|last= suggested) (help)
  7. ^ "Total buys 50 pct stake in AMSO to sell shale oil". Reuters. 2009-01-14. Retrieved 2011-10-06.
  8. ^ Secure Fuels from Domestic Resources: The Continuing Evolution of America's Oil Shale and Tar Sands Industries (PDF) (4th ed.). United States Department of Energy. 2010. pp. 14–15. Retrieved 2011-10-06.
  9. ^ Anthony Andrews (2008). Developments in Oil Shale, CRS RL34748 (PDF) (Report). Congressional Research Service. pp. 18–19. Retrieved 2011-10-06.
  10. ^ Our Lease
  11. ^ a b IDT Corporation (PDF). Rodman & Renshaw Annual Global Investment Conference. September 13, 2011. Retrieved 2011-10-21.
  12. ^ Management AMSO website
  13. ^ Our Concept AMSO website
  14. ^ a b c Udasin, Sharon (2011-07-01). "Oil shale can bring energy security and independence". The Jerusalem Post. Retrieved 2011-10-06.
  15. ^ a b Ben-David, Calev (2011-06-02). "Looking for an Oil Boom in Israel's Napa Valley". Bloomberg Businessweek. Bloomberg. Retrieved 2011-10-06.
  16. ^ IEI Shfela Oil Shale Pilot: Addendum to the Environmental Document (PDF) (Report). Israel Energy Initiatives. 2011. Retrieved 2011-10-21. {{cite report}}: Unknown parameter |month= ignored (help)
  17. ^ The Magnificent 7 (PDF). Shell in the Middle East (Report). Shell Oil. April 2007. pp. 43–47.
  18. ^ King, Ian (2011-03-11). "Oil shale reserves can turn Israel into major world producer". The Australian. Retrieved 2011-10-06.
  19. ^ Rabinovitch, Ari (2011-04-27). "Oil shale could help Israel energy independence". Reuters. Retrieved 2011-10-06.
  20. ^ "Preliminary Information Statement". Genie Energy. Retrieved 2011-10-11.
  21. ^ Laylin, Tafline (2010-12-08). "Oil & Wine Don't Mix: Over 1,000 Israelis Protest Oil Shale In Adullam". Retrieved 2011-10-18.
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