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: 2016 03 23 17:00
Mongolian Mining Corporation
. BNP Paribas
ICBC 93 .
"Rio will be very interested in Tier 1 copper assets but it's a crowded field," Investec mining
analyst Hunter Hillcoat said. "The only specific target would be consolidation of Oyu Tolgoi and
I see it as buying out the balance of Turquoise Hill."
It is thought the miner could buy the balance of Turquoise Hill stock for about $US2.3 billion
($3 billion).
Mr Hillcoat said he expected the Mongolian government to retain its 34 per cent stake in Oyu
Tolgoi, although an election timed for June, just weeks before Mr Jacques takes the chief
executive role, will undoubtedly have a bearing on the timing of any potential move by Rio.
Confidence to move
Several landmarks in 2015 handed Rio the confidence to increase its stake in Turquoise Hill,
including the development agreement for the second stage of Oyu Tolgoi that was struck with
the Mongolian government in May and the $US4.4 billion debt package that was secured for the
mine expansion in December.
Mr Jacques' elevation to the top role at Rio surprised many in the market because iron ore
division boss Andrew Harding was seen as the most logical successor to Mr Walsh, who was
promoted to the top job three years ago after heading the iron ore unit.
With iron ore constituting about 90 per cent of Rio's earnings, the division remains hugely
significant in the company's commodity stable and Mr Hillcoat said he thought Mr Harding
might stay on in his current role despite missing out on the top job, given volatility elsewhere in
the resources sector.
"Andrew will be disappointed, I'm sure," Mr Hillcoat said. "But this is not the bull market it used
to be. Any new CEO role he could take on would likely involve trying to resuscitate a struggling,
debt-ridden, once-major-now-minor miner versus the comfort of running an existing world-class
operation."
In an internal email to staff on Friday, Mr Walsh emphasised the achievements during his tenure
as boss, which included $US1.8 billion in asset sales and generating cost reductions of
almost $US2 billion.
"We have delivered what we said we would. We have improved safety, we have lowered costs,
we have reduced capital and working capital, we have focused on cash, we have strengthened the
balance sheet and we have delivered returns to shareholders," Mr Walsh said.
"But perhaps most importantly, we are now all acting as owners of the business. I am seriously
proud of the value we have delivered together, and I look forward to seeing what's to come."
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Exploration
Belorusneft does a full set of exploration activities in Belarus, Venezuela and Ecuador and upon
other companies requests.
Belarus
81 oil and gas condensate fields have been discovered in Belarus to date. All fields are located
within the Pripyat Trough in the south-east of the country.
We are conducting research aimed at finding unconventional reservoirs.
By using up-to-date geological and seismic exploration methods Belorusneft and Belgeologiya
experts discovered 14 deposits and 45 reservoirs of hydrocarbons in 12 years in the wellexplored Belarusian region. Over the same period Belorusneft association put 44 exploration
targets on the books.
The company objective is to build up resource base by means of additional exploration of the
producing fields and their production enhancement. To do that we focus on cutting-edge
technologies and unconventional approaches to selecting perspective regions.
Belorusneft has developed a Prospecting and exploration program for Pripyat Trough up to 2020
and further, and a standard of Formation preparation for deep-hole drilling and grounding for
exploration wells drilling has been implemented.
Search and exploration at Belorusneft enterprise is done by:
Belorusneft experts of these subdivisions carry out a full set of exploration operations from
field acquisition, seismic data processing and interpretation, building geological and dynamic
models to preparing integrated solutions for exploration and development oil and gas wells
drilling methods are elaborated.
The enterprise carries out the following seismic exploration operations:
Belorusneft specialists have experience in 2D, 3D, 2D/3C, 3D/3 seismic exploration. We
design and implement high-density WAZ acquisition with both explosive and non-explosive
sources.
Equipment
For exploration Belorusneft uses state-of-the-art equipment and technologies:
428XL telemetry system with field equipment set for 14,000 DSU-3 threecomponent sensors;
Borehole investigation stations;
-30/120 vibroseis sources (truck-mounted);
Mobile drilling rigs;
TrimbleGPS systems;
Geological and geophysical data integrated processing systems.
Echos-2011.2;
GeoDepth (Power 2D/3D);
GeoDepth (3DMIG_CT);
GeoDepth (3DKPSDMFE);
GeoDepth (3DKPSTM).
Petrel (2009-2012).
Venezuela
In Venezuela JV Petrolera BeloVenesolana experts are engaged in geological supervision of oil
production .
Belorusneft experts also carry out projects on oil and gas reserves estimation. Junin-1 license
block resources estimation in the Orinoko river basin has been accomplished.
On top of that Belorusneft is properly equipped to carry out operations using potential-field
methods.
Successful projects in cooperation with Eni, Repsol, and Petrovietnam for joint ventures of
PDVSA have been carried out. The scope of work of 2D for recent 5 years made up about 2,500
km, of 3D over 520 km2. The work will be continued on Petropoiar and Petrocarabobo
projects.
Ecuador
In 2012 Belorusneft branch office in Ecuador was established
Core business of Ecuador branch office is seismic exploration.
Equipment
We are ready to mobilize two Sercel 428XL telemetric units (one of which is fitted with field
equipment set for 4,500 channels, the other for 5,500 channels) for potential contracts. Seismic
acquisition design and seismic data processing are carried out using complexes with Focus 5.4
and Mesa Professional software.
Affiliated undertaking formation and successive increase of seismic exploration operations are
planned.
Working plan of the branch office for 2012-2014 includes seismic survey in 2,000 km2 volume.
Belarusian experts participation into geological exploration of south-east of the country and
producing fields development in cooperation with Petroamazonas state oil and gas company is
being considered.
Latin America
Belorusneft considers a possibility of starting seismic exploration business in Bolivia, Nicaragua,
Uruguay, Columbia.
To carry out seismic exploration in these countries Belorusneft association is planning to use the
equipment of its enterprises in Ecuador, Venezuela and Belarus, the enterprise is also willing to
acquire technique specially designated for these projects.