OREANDA-NEWS. June 25, 2008. Belorusneft and Iranian company PEDCO have signed the memorandum on cooperation in Gomel. The document has been signed during a visit of a PEDCO delegation to Belarus.

Representatives of the Iranian company led by director of Jofeir project Mahmoud Djavadiyan visited the head office and some subdivisions of the Belarusian company. During the talks, the sides discussed the issues regarding the development of the Jofeir oil field including geological, economic and juridical aspects of the project.

Belorusneft leadership confirmed its readiness to discuss the cooperation with PEDCO in development of not only new Iranian fields but oil fields in Venezuela, Russia and Iraq, the cooperation in sinking and servicing of wells.

A reminder, the joint Belarusian-Iranian oil company “Belpars Petroleum Company Ltd” (BPC) has completed preliminary testing of one of the exploratory wells in the Jofeir oil field. The results showed that both the well and the oil deposit have a big potential. A set of hydraulic research will be conducted in the near future. Belorusneft signed a service contract for 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, production association Belorusneft is part of Belneftekhim. It prospects and develops oil fields, drills wells, extracts oil and associated petroleum gas.