Ambassador Michael C. Polt joined Minister of Economic Affairs and Communications Parts today to sign the Oil Shale Research Cooperation Memorandum of Understanding (MOU), which will advance U.S. - Estonian cooperation in the utilization of this strategic energy resource. By combining Estonia's expertise with the massive oil shale deposits in the United States, estimated to hold more than 1.8 trillion barrels of recoverable oil, more than half of the world's total oil shale reserves, and more than the world's proven conventional oil reserves, we have an opportunity to revolutionize the hydrocarbon industry and improve our joint energy security.
As our countries work intensively on technologies that will one day see us break free of the need to burn fossil fuels, hydrocarbons will continue to play a critical role for the foreseeable future. We need to develop the cleanest, most efficient ways to utilize these resources. We are confident that through this cooperation, the United States and Estonia will be strong partners in the next revolution in energy.