OREANDA-NEWS. October 28, 2011. CJSC Purgaz, a joint venture between ОJSC Gazprom and ITERA Oil and Gas Company LLC, carried out re-estimation of Cenomanian gas reserves of Gubkinskoe gas condensate field.  In accordance with the re-estimation results, Cenomanian gas reserves increased by 16.8 billion cubic meters up to 415.855 billion cubic meters.  Also, the major portion of the reserves (95%) was upgraded from "C" (proven) up to "B" (developed).

The gas reserves re-estimation was performed on the basis of new data - combined 3D seismics. The gas reserves re-estimation results were approved by the State Commission on Mineral Reserves of the Russian Federation on 12.10.2011. Cenomanian gas deposit of Gubkinskoe field was drilled with operational wells in accordance with the current development project, constructed and brought at the planned production level.

“Gubkinskoe Field is one of ITERA core assets. Increase in quantity and enhancing of quality of the reserves also implies the Company’s capitalization growth", - said Vladimir Makeev, General Director – Chairman of the Management Board of ITERA Oil and Gas Company.

Gubkinskoe oil and gas field is located in the Eastern part of Gubkinsky petroleum subregion of Nadym-Purovsky petroleum area of Purovsky region of YaNAO. Total Cenomanian gas reserves are 415.855 billion cubic meters. Natural gas production in 2010 amounted to 15 billion cubic meters, and similar quantities of natural gas are planned to be produced in 2011.

ITERA Oil and Gas Company is one of the largest independent producers and sellers of natural gas in the Russian Federation. ITERA has been developing own production of natural gas in the Yamalo-Nenets Autonomous District since 1998. The Company has invested over USD 2 billion in the development of natural gas production industry. ITERA was the first private company to commission gas fields in the North of Russia. The total of over 245 billion cu m of natural gas has been produced in the gas fields developed by ITERA.