Belarus-Iran joint venture to start oil output in H1 2009

Business Materials 26 September 2008 13:30 (UTC +04:00)

The Belarus-Iran joint venture Belpars Petroleum Company Ltd (BPC) plans to start oil extraction at the Jofeir oil field in H1 2009, BelTA learnt from the Belorusneft press service.

їJofeir production testing is scheduled for H1 2009. The development of the oil deposit is held in compliance with the Belarus-Iran general plan,ї the Belorusneft Company said.

Two wells at the Iranian oil deposit were restored after a thorough overhaul. By the end of the year, two more, test and production, wells will be developed.

Today, 17 Belorusneft specialists are in Iran to provide technical assistance to the joint venture in the well development and drilling, geology and petroleum geophysics.

Belorusneft signed a service contract on development of the Jofeir oil field in Tehran in September last year. BPC was set up then. The deposit is estimated at 2.1 billion barrels. In line with the contract, the Belarusian company is to ensure that 15,000 barrels should be produced on a daily basis in the course of the first phase of the project.

Founded in 1966, the Belorusneft Company is part of Belneftekhim. It prospects and develops oil fields, drills wells, extracts oil and associated petroleum gas. Over the last two years joint ventures were set up in Russia, Venezuela and Iran.