Business news

MINSK, 12 September (BelTA) – The Belarusian state petrochemical concern Belneftekhim and the Indian Petroleum and Natural Gas Ministry signed a memorandum of understanding in New Delhi, BelTA has learned.

The document was signed by Belneftekhim Chairman Igor Lyashenko and Indian Petroleum and Natural Gas Minister Dharmendra Pradhan.

Belarus-India cooperation in prospecting for and extracting hydrocarbons began in July 2015 after the Belarusian industrial group Belorusneft and Oil India Limited Company signed a memorandum of understanding. The possibility of using Belarusian technologies for extracting oil and for increasing the performance of oil reservoirs in Indian oil fields in order to decrease India’s crude oil import was examined after that.

In September 2016 the sides signed a contract on analyzing geophysical information for developing the Digboi oil field. The contract has been fulfilled since then. Reports on all the stages of the contract are being received and reviewed.

Consequent cooperation with Oil India Limited Company is aimed at implementing a program on restoring oil wells by bolstering the performance of oil reservoirs. As a result, the oil field Digboi will be reopened after it was closed in 1992.

Potential for cooperation between the two companies is not limited to one contract. It can be expanded, noted the Belneftekhim press service. Belorusneft is taking part in a tender for providing consulting services for analyzing oil extraction levels and hydrodynamic calculations in the Chabua oil field in the State of Assam.

Taking into account the mutual interest in advancing cooperation and implementing joint projects for oil extraction in India, the Belarusian side welcomes the signing of the memorandum on cooperation at the government level. The sides agree that various mutually beneficial cooperation options are possible, including cooperation with Oil and Natural Gas Corporation Limited Company, which is India’s largest state-run oil and gas corporation.