OREANDA-NEWS. November 30, 2012. The 17th International Conference and Exhibition "Oil and Gas of Turkmenistan" was held where First Deputy Chairman of the Management Board of ITERA Oil and Gas Company Mr. Gennady Skidanov made a report about the implementation of the project for development of petroleum resources of Block 21 in the Turkmen sector of the Caspian Sea and presented ITERA's exposition booth which was recognized as one of the best at the exhibition. Together with ITERA, the conference and the exhibition was attended by the delegation of Rosneft headed by the company's Vice-President Gani Guilayev, reported the press-centre of ITERA.   

In particular, Mr. Skidanov told that geochemical studies performed in Block 21 had delineated five anomaly zones promising for hydrocarbons where some prospects are defined which will be explored in the first place: the east and the north-west parts of West Erdekli area. According to ITERA experts' estimations the total cost of this project is about 5-6 billion U.S. dollars out of which 300 million dollars need to be spent for the explorations program alone.

"This high quality of the explorations was ensured through application of a whole number of modern technologies, some of which were used in the Turkmen sector of the Caspian Sea for the first time. When we first approached Block 21 we did not and, naturally, could not have any guarantees of success. But today we can optimistically affirm that the studies performed allow us to be sure of the high petroleum potential of these prospects". – Gennady Skidanov said in his speech.

Mr. Skidanov also noted that it was not only commercial considerations why Turkmenistan was so attractive to ITERA. He emphasized that in this country the company enjoys a special hospitality and kindness of local people. "It is this friendly atmosphere and the sincere eagerness of our Turkmen colleagues to develop our cooperation that have, to a great extend, been a driver for ITERA's successful business in Turkmenistan", – the company's top manager underlined.