OREANDA-NEWS. March 02, 2012. The total sales of natural gas by ITERA Oil and Gas Company went up 13% in 2011, if compared to that of 2010, to 23.4 billion cu m. The Company itself increased production of gas by 3.7% to 12.6 billion cu m.

Increment in production was ensured by major gas assets of Purgaz and Sibneftegaz. ITERA owns a 49 per cent stake in each of the above two companies. Purgaz produced the total of 15.2 billion cu meters of gas, while the total production by Sibneftegaz was 10.6 billion cu m.

Purgaz has reached the gas production peak. Fields of Sibneftegaz are in their active development stage and achieving their production peak depends on demand on gas. The current year is ITERA’s jubilee year. ITERA is going to become 20 years old. So, the jubilee year is going to be celebrated by reaching a threshold of 250 billion cu m of natural gas produced in ITERA fields, - Vladimir Makeyev, General Director, Chairman of the Board of Directors of ITERA Oil and Gas Company, said.

The ITERA Oil and Gas Company’s natural gas supply balance is about 24 billion cu m for the current year. Most gas is to be sold in the Sverdlovsk Region.

ITERA International Group of Companies is a vertically integrated holding that includes dozens of enterprises and companies in the CIS, the Baltic States, Western Europe, Asia and the USA. Natural gas has been a core business of ITERA since its inception in 1992. ITERA Oil and Gas Company is an ITERA Group Company. It has been developing its own natural gas production in the Yamalo-Nenetz Autonomous District since 1998. It had invested in natural gas production over USD 2 billion since then. The total of about 250 billion cu m of natural gas has been produced in gas fields developed by ITERA. Development, chemical processing of natural gas and electric power generation are also among strategic areas of ITERA Group’s activities.