From: Oil & Gas Journal
French, Canadian, and private US companies are set to launch a $200 million joint venture to develop oil shale in the Uinta basin of Utah.
The US affiliate of Total SA, Paris, will fund 80% of the cost of an early production system to demonstrate the commercial scalability of a proprietary process owned by Red Leaf Resources Inc., Sandy, Utah, a private Delaware corporation.
As part of its agreement with Red Leaf, Total has the right to license Red Leaf’s patented EcoShale In-Capsule Process for use at other future oil shale projects worldwide and has become a shareholder of Red Leaf. Red Leaf reported completing a $100 million equity offering in connection with the closing of the JV with Total.