Exploration work implemented by Itera's subsidiary Yugneftegaz in Kalmykia has proved the hypothesis of large hydrocarbon fields in the republic, Itera press department reported. The Board of Directors of Yugneftegaz has considered the information at its meeting today. Scientists believe that it is possible to find large oil and gas fields in the region similar to the Astrakhan gas field, the Tengiz oilfield and the Karachaganak gas field.
Yugneftegaz was granted exploration licenses covering the area of 20,000 square meters in Kalmykia. The Board of Directors has approved a strategy of exploration activities in the region and considered the issues of investments in oil and gas projects.
Reserves of the Kazakhstani Tengiz oilfield are estimated at 750m-1.125bn tons of oil. Reserves of the Astrakhan gas field are higher than 2 trillion cubic m of gas. Reserves of the Karachaganak gas field are estimated at 1.2bn tons of oil and condensate and 1.35 trillion cubic m of gas.