Russia hands over 69 oil wells to Lukashenko

The Belarusian national oil company PO Belorusneft has expanded the list of its assets in Russia.

According to Interfax, the subsidiary of Belorusneft, NC Yangpur became the 100% owner of LLC Purneft, a company operating since 2007, which owns 69 oil wells at the Ust-Purpeysk area in the Yamalo-Nenets Autonomous Okrug.

The deal, which was announced on the birthday of the self-proclaimed President of Belarus, Alexander Lukashenko, allowed Yangpur to increase the total area of assets in the Yamalo-Nenets Autonomous Okrug to 2 thousand square kilometers.

"This is a very important project for us, we have been looking at Purneft for a long time. Negotiations with the bank and the former owner were conducted for more than a year," said the general director of Yangpur Alexander Polyakov.

According to him, by the end of the year, the merger of Yangpur and Purneft is planned to be completed.

Geological and technical activities have already been carried out at the new site, which made it possible to increase the average daily oil production by almost 200 tons, the press service of the Belarusian company reported.

The acquisition of the new asset will allow Youngpur to increase annual production to 316 thousand tons of oil and 1.23 billion cubic meters of gas, including associated and oil.

According to RBC news agency, in 2020, Purneft received 1.057 billion rubles ($21 million) of revenue and 778.3 million ($10.58 million) rubles of profit. The total amount of revenues from current operations is 958.8 million ($13.03) rubles.

Belorusneft is a state-owned company that includes more than 40 oil-producing and oilfield service companies. 99.83% of its shares belong to the State Property Committee of Belarus, and the remaining part is owned by private investors.

  Lukashenko, Belarus, Russia