Gazflot, a daughter company of Gazprom, has completed exploratory drilling in the North-Kamennomyssky gas field, which is located in the Ob Bay in the Caspian Sea. According to Gazprom's press office, the drilling produced a flow of gas at a rate of 374 thousand cubic metres per day. The gas company underlined that the results testify to the high potential of the field.
Gazflot is a 100%-owned daughter company of Gazprom. The company has been carrying out exploratory work in the Ob and Taz Bays in the Caspian Sea since 1996. The predicted reserves in this region are over 7.5 trillion cubic metres. The Ob and Taz Bay fields will allow industrial reserves of natural gas to be increased by more than 2.6 trillion cubic metres. Development of these fields is expected to begin in 2006.