OREANDA-NEWS. November 30, 2012. ITERA Oil and Gas Company plans to commence developing fields and construction of infrastructure at the Kynsko-Chaselskoe group of fields in 2013. The design capacity of 6.5 billion cubic meters of natural gas is to be reached by 2018. Additional efficiency is expected due to development of the Cenomanian and Senonian gas accumulations. They are to improve the project economics.

In the long term, the technological complex of the Kynsko-Chaselskoe group of fields shall become an efficient tool for solving a task of recycling affiliated gas at the developed and planned for development oil fields of OJSC NK Rosneft in the Region.

The gas that is expected to be produced in the fields of Kynsko-Chaselskoe LLC shall be transported to gas-consuming enterprises of large holdings taking into account the most economical gas transport flows, including to the Sverdlovsk Region.

The Kynsko-Chaselskoe license area includes five fields: Kynskoe, Fakhirovskoe, Novo-Chaselskoe (including the Naumovskaya area), Ust-Chaselskoe and Verkhne-Chaselskoe. Kynsk-Chaselskoe Neftegaz, LLC holds the development license. Initial recoverable reserves (ABC1 + C2) are estimated at 263 billion cubic meters of gas, 14.1 million tons of condensate and 26 million tons of oil.

ITERA Oil and Gas Company, LLC, is a joint venture of OJSC NK Rosneft with a 51% stake, and Companies of ITERA International Group of Companies with a 49% shareholding, one of the largest independent producers and sellers of natural gas in Russia. The Company has been developing its own production of gas in the Yamalo-Nenets Autonomous District since 1998. The Company has invested over USD 2 billion in development of the gas industry. Overall, over 250 billion cubic meters of gas was produced in gas fields developed by Itera. The total volume of gas sold is about 600 billion cubic meters.