MOSCOW – Itera Oil and Gas Co. plans to drill its first exploratory well this year in the Turkmen sector of the Caspian Sea.
General Director Vladimir Makeev told the PRIME Information Agency: “We are in the process of determining a point for the well to be drilled.” The company is negotiating for a rig, he added.
The well will be drilled on block 21 where water depths range from 7-15 m (23-49 ft). Makeev said the well is expected to be drilled to a subsurface depth of 6,000-6,500 m (19,685-21,325 ft). Itera estimates potential gas resources on the block, also thought to contain oil, at 700 bcm (25 tcf).