Business news

GOMEL, 21 January (BelTA) – OAO Oil Company Yangpur, a branch of Belorusneft based in Western Siberia, produced 134,900 tonnes of oil in 2014, BelTA learned from the press service of the company.

In 2014 the company increased oil production by 16,000 tonnes (or by 13.5%) compared to 2013. Belorusneft acquired Russian OAO Oil Company Yangpur via an auction in September 2013. The oil production increased on the back of the technological upgrade aimed to improve oil recovery.

Overall, Belorusneft is satisfied with its overseas operations in 2014. One of the company’s biggest achievements last year was discovering new oil fields and commissioning three oil wells in Venezuela. According to preliminary data, the Belarusian-Venezuelan company Petrolera Bielovenezolana produced 1.105 million tonnes of oil and sold 847.9 million cubic meters of gas in 2014. All the contracts to conduct seismic operations in Ecuador were also executed in full.

As far as sales are concerned, in 2014 Belorusneft focused on expanding its retail network and boosting its image of a reliable supplier of high-quality products and services. In 2014 the sales of oil products exceeded 3.2 million tonnes. The state-run sector supplied 69.5% of all the oil products sold on the domestic market.

Over the last two years, oil production in Belarus was estimated at 1.645 million tonnes. The company proceeded from this figure while drafting its development strategy for 2015. The company is set to maintain the same pace of oil production by means of fresh investments in oil extraction, development of new oil wells, and the use of new technologies aimed at increasing oil recovery. In the given economic conditions the company has plans to reduce the cost of drilling operations and increase the quality of construction of wells.

The Belarusian industrial group Belorusneft was founded in 1966. The company specializes in the surveying, prospecting and development of oil fields, well drilling, oil and associated petroleum gas extraction in Belarus and in a number of other countries, including Russia, Ukraine, Venezuela, and Ecuador.