| 2004-11-15 |
Îïóáëèêîâàíî: OREANDA, Moscow |
The results of exploratory drilling conducted by Yugneftegaz Ltd., a subsidiary of ITERA, have confirmed geologists' forecasts about major deposits of oil and natural gas in Kalmykia. So says Yugneftegaz Ltd. General Director Viktor Makarov.
In late November Yugneftegaz will invite bids from Russian and foreign drilling companies to drill new exploratory wells in Ketchenerovsk and Tsagan-Nursk sites in northern Kalmykia. The company will have to drill 18 wells under its license agreements.
The company plans to begin producing natural gas already next year. Yugneftegaz and Kalmgaz - Kalmykia's largest gas supplier - are currently negotiating shipment terms.
In the near future, Yugneftegaz is planning to buy licenses for new oil and gas sites. The company involves both Russian and foreign companies in its extensive exploratory drilling program.
Over the next five years ITERA will invest over $160 million in the development of deposits on the territory of Kalmykia.
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