Business news

MINSK, 20 September (BelTA) – The Belarusian industrial group Belorusneft intends to reach record high volumes of natural gas and oil extraction in Russia this year, BelTA learned from Belorusneft Deputy Director General Sergei Kamornikov during the international conference held on 20 September to discuss production, trade, and retail aspects of the Belarusian market of oil products and natural gas.

Sergei Kamornikov noted: “Yangpur Company is our large extraction project in Russia today. This year we will reach extraction figures as large as 450,000 tonnes of oil equivalent. The figure represents the combined extraction of oil and natural gas. It is the highest figure on record in the history of the company. Last year’s extraction was close to 400,000 tonnes of oil equivalent.”

The executive explained: “In order to secure larger extraction figures, we need new fields, new licensed sites, which cost rather serious money in Russia. Considering purchasing a licensed site, we always calculate whether we will be able to recoup the investment within 4-6 years and work only for the positive result after that. This is why we keep in mind our volumes and geography of operations in the region where Yangpur Company is located [Yamalo-Nenets Autonomous District].”

Sites bordering on the ones Yangpur Company is working on are now under consideration. The work is not limited to oil extraction. The company also offers oil industry services.

Sergei Kamornikov said: “Every year we browse through dozens of various sites. Their potential is analyzed as well as the known reserves, geography, and the cost of the site. Hundreds of sites have been analyzed in the last few years but buying one is a serious investment. We choose the ones that can really generate profits for the company.”