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Production | Yurkharovskoye | East-Tarkosalinskoye | Khancheyskoye | Other fields Other fields We remain focused on growing our natural gas and gas condensate reserves organically through our exploratory efforts on additional twelve license areas we hold in the Yamal-Nenets Autonomous Region. We consider these license areas an integral part of our long-term reserve and production growth strategy. In 2007, three new fields were discovered due to our geological exploration: North Khancheyskoye, Yaryudeyskoye, and Radyuzhnoe. We will continue to spend capital on various geological and geophysical research as well as drilling exploration wells on our other license areas. The Sterkhovoye field and the southern part of the Urengoiskoye field, which fall within the territory of the Olympiyskiy license area, have been appraised. In 2007, we accumulated 240 square kilometers of 3D seismic and improved the field’s geological model based on the seismic results. The Termokarstovoye field is currently in the early stages of development and holds reserves of natural gas and gas condensate. Commercial gas condensate production is slated to begin in 2011, and our first delivery of natural gas is scheduled to commence in 2015. With the development of a geological model and revised estimation of the field’s natural gas reserves, we were able to increase the proved natural gas reserves at the Termokarstovoye field by 25%. The Termokarstovoye and the North Khancheyskoye fields, as well as the fields in the Olympiyskiy and the West Urengoisky license areas are strategic medium-term contributors to our organic production and reserves growth. |
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