The Belarusian industrial group Belorusneft intends to start extracting oil in Ecuador in 2014, BelTA learned from Andrei Bokhan, Head of the International Business Development Office of the company.

The company intends to pursue joint exploration of the existing oil field Armadillo using secondary and tertiary oil recovery enhancement methods.

“We hope that the contract will be signed on 1 August. We intend to bring investments and state-of-the-art oil recovery enhancement technologies to the explored oil field. We will use these technologies to greatly increase the intended oil extraction while the Ecuadorian government will buy the oil at a certain rate. In other words, another country will be added to the list of countries where Belarusians extract oil,” remarked the executive.

A team of specialists of the Belarusian oil industry institute BelNIPIneft and employees of Belorusneft’s branch in Ecuador have submitted the project proposal and feasibility study for consideration of the Ecuadorian side. Belorusneft intends to carry out the project in association with the Ecuadorian service and engineering company Edinpetrol.