VOG subsidiary to hold environmental impact study hearings May 14
MOSCOW. April 11 (Interfax) - Victoria Oil&Gas (VOG) subsidiary CJSC Severgaz-Invest will hold public hearings for an environmental impact study for the trial operation of the U2 bed of the Zapadno-Medvezhye field, the Yamal-Nenets Autonomous District's Nadym regional administration said.
Vasily Masnik, the subsidiary's chief geologist, told Interfax that the trial operation was classed as exploration. "The project grants the right to start drilling while studies are incomplete," he said.
He also said the U2 bed was an intermediary one, at a depth of 3.9 km between the U3 and U1 beds.
Oil production from one well could begin as early as 2013, he said.
VOG has said it may begin producing early oil the Zapadno-Medvezhoye deposit in 2015 if the price of oil does not slip below $60 per barrel. VOG intends to drill two exploratory wells at the deposit in the fourth quarter of this year. The deposit has 2P reserves of 14.4 million barrels of oil equivalent.
VOG was set up by a group of former Yukos employees. It also holds a license to the Logbaba deposit in Cameroon.
