Business news

Oil will be extracted from the Armadillo field. The Ecuadorian state oil company Petroamazonas and the consortium Ecuaservoil signed a 15-year contract for providing services on 10 February. Ecuaservoil was established in 2014 by Belorusneft and the Ecuadorian engineering company Edinpetrol.

During the ceremony held to sign the contract Petroamazonas Director General Oswaldo Madrid noted that they had chosen Belorusneft as a company that has the technology to securely preserve the ecosystems in the operation area intact.

Belorusneft representatives noted the company intends to use all kinds of oil recovery enhancement methods to improve oil extraction volumes. The special integrated services also include production optimization, geologic exploration, well drilling and repairs. Thus, the new oil extraction project will contribute to the development of Belorusneft’s divisions that provide oil industry services abroad.

Oil extraction in the Armadillo field began in 1997 to be suspended two years later. In 2014 the work was resumed.

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.