Belorusneft CEO: Belarus’ oil production successfully entered growth trajectory

The most important direction — oil production in Belarus — has successfully entered the growth trajectory – as noted by Belorusneft CEO Aleksandr Lyakhov, sb.by reports with reference to the company’s press service

He said that by late 2024, the company expects to produce at least 1 million 930 thousand tonnes of oil. According to the results from January to August 2024, Belorusneft produced 1 million 278 thousand tonnes, i.e., 3 percent up compared to the same period a year earlier.

“These are quite serious results for our region, they exceed the level planned for this period,” the Belorusneft CEO said. “The structure of oil production consists of a group of existing wells; production is also carried out due to geological and engineering operations, where we also surpassed the planned tasks. It is encouraging that there is a significant filling of the production balance for the wells commissioned in August: judging by the results of geotechnical works, they should exceed the planned figures for this year. Production figures from new wells and from side shafts will be record-breaking over recent decades.”

Aleksandr Lyakhov also spoke about plans for 2025: to produce at least 2 million tonnes of oil.

“So much was extracted more than three decades ago,” the CEO of Belorusneft noted. “What we are doing today in the field of geology, oil production technologies, and working with hard-to-recover reserves (their share in the balance sheet is growing) suggests that we will continue to go with the growth of oil production.”