Business news

GOMEL, 30 December (BelTA) – The Belarusian industrial group Belorusneft intends to develop oil and natural gas extraction projects in Latin America in 2016, the company’s press service told BelTA.

The expansion of the operation in Latin America is a strategic goal since the availability of raw materials in Belarus is limited. Belorusneft intends to expand its presence on the oil and gas industry markets of the countries where cooperation has already been established. Prospects for international cooperation will also be sought in other countries of the region.

In particular, despite the structural problems that emerged in the Venezuelan economy in the last few years Belorusneft’s participation in the joint venture Petrolera BieloVenezolana will remain a priority. Since the joint venture was launched, over 7 million tonnes of oil has been extracted and about 5 billion m3 of natural gas has been sold. Belarusian specialists have helped drill 26 wells. As a result, three new deposits have been discovered in western fields. Getting additional sources of funding will be the key task for Belorusneft’s operation in Venezuela in 2016.

Providing oil industry services remains an important branch of the Belarusian company’s operation in Latin America. For instance, specialists of the joint venture Sismica BieloVenezolana have carried out five major 2D and 3D seismic surveying projects in Venezuela. More surveying work has been planned for the next year, too.

Ecuador is another Latin America country where Belorusneft is present. In February 2015 a contract was signed on developing block No. 55 and the Armadillo oilfield that it contains. The joint operation continues as an alliance of three companies — Petroamazonas (Ecuador), Belorusneft, and ENAP (Chile) — as a geological prospecting project in block No. 28.

A contract for comprehensive 3D seismic prospecting services was performed for Petroamazonas in Ecuador in 2013-2015.

Belorusneft opened a branch in Argentina in 2015 as part of the company’s general development concept for Latin America.

The promising avenues of cooperation include work with companies from Paraguay, Columbia, and Peru. One step in cooperation with Paraguay has already been made. In November 2015 Belorusneft specialists agreed to assess the possibility of carrying out geological prospecting in blocks No. 3 and No. 12 of the state oil and gas company Petropar.

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 a number of other countries, including Russia, Ukraine, Venezuela, and Ecuador.