IEA invites kerogen-based oil shale rich Estonia to join*

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Submitted by editor on Thu, 11/21/2013 - 14:01
 
*note from TSW: It is not shale-oil, but oil shale that can derive kerogen, a building block to make oil. Shale Oil more commonly refers to fracking-- Estonia is not known for fracking but is the world commercial leader in kerogen-based oil shale and electricity from the same.  -- Macdonald

 IEA invites shale oil-rich Estonia to join

 
(Globalpost/GlobalPost)
November 20, 2013
 

The International Energy Agency on Wednesday invited Estonia -- one of the world's biggest producers of shale oil -- to become its 29th member.

In a statement, the agency said that ministers of member states "were satisfied that the country met all IEA membership requirements, including the obligation to hold enough emergency oil stocks to cover 90 days of net imports".

Estonia has therefore been invited to speed up its procedure to join the agency, the IEA said.

The Baltic state "is one of the largest producers of oil shale in the world and its domestic energy sector relies heavily on this source, from which the bulk of its electricity is produced", according to the IEA.

The agency is the energy-policy arm of the 34-nation Organisation for Economic Cooperation and Development.

The agency, based like the OECD in Paris, was founded following the 1973-1974 oil crisis to monitor oil and energy markets, to advise on energy strategy and to oversee strategic stockpiles of oil.

One of its main functions is to coordinate the release by its members of emergency oil stocks if tight market conditions make this necessary.

http://www.globalpost.com/dispatch/news/afp/131120/iea-invites-shale-oil...