Business news

GOMEL, 26 February (BelTA) – The company Service Oil Ecuador Ecuaservoil S.A., which is a subsidiary of the Belarusian industrial group Belorusneft, has plans to start drilling oil wells in Ecuador in 2016, BelTA learned from the press service of the company.

The work will be conducted in line with the contract to provide integrated specialized services to optimize oil production and enhance the rate of oil recovery from block 55 of the Armadillo field. The contract with the Ecuadorian state oil company Petroamazonas was signed in March 2015. Belarusian specialists will drill three wells and build infrastructure for the transportation of the extracted oil. Peak production of the oil field is expected to be more than 250,000 tonnes per year.

The subsidiary embarked on a project of seismic surveying around blocks 11 and 18. Geological exploration continues on block 28, the recoverable potential of which is estimated at 7.7 million tonnes of oil. Belorusneft successfully completed the first contract to perform 3D seismic exploration.

Service Oil Ecuador Ecuaservoil SA was founded in 2013. The main lines of business are exploration and development of oil deposits, seismic surveying, well drilling, assimilation of high technologies in the field of monitoring the development of oil and gas fields and enhancing oil recovery.

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.