OREANDA-NEWS. July 4, 2011. The Federal Subsurface Management Agency (Rosnedra) has extended the license issued to Bratskecogaz, an affiliate of ITERA Oil and Gas Company, LLC, for the right to use subsoil to produce hydrocarbons (gas, condensate) and associated components at Bratskoe gas-condensate field through December 31, 2039. Appropriate amendments were entered in and registered for the license.

Bratskecogaz owns the license to develop the Bratsk gas-condensate field is located in the north of the Irkutsk Region. Recoverable reserves of the field include 10.769 billion cu m of gas and 820 thousand tons of condensate. ITERA holds 78.9 percent of the shares in OJSC Bratskecogaz, while 21.1 percent of the shares belong to Administration of Bratsk.

ITERA Oil and Gas Company. LLC is one of the larger independent producers and sellers of natural gas in the Russian Federation. It has been developing its own production of natural gas in the Yamalo-Nenets Autonomous District since 1998. The Company has invested over USD  2 billion in development of the gas production industry. ITERA was the first private company to commission gas fields in the North of Russia. The total of over 235 billion cu m of natural gas has been produced in the fields developed by ITERA.