OREANDA-NEWS. August 15, 2011. V.P. Makeev, Chairman of the Management Board of ITERA Oil and Gas Company, LLC, and N.G. Brunich, General Director of OJSC Zarubezhneft signed a Joint Operation Agreement under the Production Sharing Agreement (the “PSA”) in respect of Block 21 in the Turkmen sector of the Caspian Sea, reported the press-centre of ITERA.  

As it was reported earlier, ITERA entered into the Product Sharing Agreement (PSA) with the Government Agency on Control and Usage of Hydrocarbon Resources under the President of Turkmenistan in respect of Block 21 of the Turkmen sector of the Caspian Sea on September 13, 2009.

The Agreement entered into by ITERA Oil and Gas Company, LLC and OJSC Zarubezhneft identifies the interfacing procedures which the parties shall follow in the course of performance of their obligations under the Production Sharing Agreement within joint implementation of the Project including exploration, development, construction and operation of the discovered hydrocarbon fields in the offshore block 21. According to the document, OJSC Zarubezhneft will act as the Project operator and will be authorized to perform all oil operations under the Production Sharing Agreement on behalf of contracting companies.

The parties also signed an agreement establishing the procedure and terms of transfer of 51 percent participation interest in the Project to OJSC Zarubezhneft. 49 percent will be held by ITERA Oil and Gas Company, LLC.