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Belorusneft granted geological exploration rights to licensed site in Russia

GOMEL, 17 October (BelTA) – The Belarusian industrial group Belorusneft has been granted the right to study the geological composition of a licensed site in Russia, the company's press service told BelTA. According to the source, Belorusneft's Yangpur division will study the geological composition of the Izvestinsky licensed site. The right to perform this work was granted after Rosgeolekspertiza, the Russian agency in charge of expert evaluation of geological exploration projects, okayed Yangpur's addendum to the zonal prospecting plans. Specialists of Belorusneft's R&D division BelNIPIneft worked hard to process and re-interpret seismic surveying data to make that happen. The new plans provide for drilling six exploration wells from 2,640m to 3,070m below the surface. The drilling operations will be carried out in 2018-2023. OAO Oil Company Yangpur's license to use subsurface resources has been extended to 2035. Specialists of the company are now working at four fields located in Yamalo-Nenets Autonomous District. Yangpur Company is busy performing follow-up exploration. Eight lateral holes were drilled at the Izvestinsky licensed site in the past to clarify the geological composition of the subsurface resources and increase oil recovery. Since the company came into possession of the site, daily extraction has increased by 50%. By studying the geological composition of the subsurface resources the company will be able to increase the extraction of hydrocarbon resources at this site. The Belarusian industrial group Belorusneft acquired Russian OAO Oil Company Yangpur via an auction in September 2013. Yangpur's acquisition was part of the program to expand Belorusneft's operation in Russia. 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.