20 Sep 2010 12:57

Itera, Zarubezhneft to agree tech solutions for Turkmen Block 21 before year-end

MOSCOW. Sept 20 (Interfax) - Itera and Zarubezhneft will agree the technological solutions for developing Block 21 in Turkmenistan before year-end, Alexander Berezikov, Itera's executive vice president for strategic development, told journalists.

"We are hopeful that we will agree the organizational issues and the main technological solutions for this block before the end of the year," he said. After that the companies will agree plans for developing the block.

Block 21 has the potential to produce 10 billion cubic meters of gas and about 20 million tonnes of oil a year, Berezikov said at the 2nd International Gas Technology Conference. Forecast reserves exceed 600 bcm of gas and 160 million tonnes of oil and condensate. Development will cost an estimated $6 billion.