Russian Company Finds 3.2 Trillion Cubic Meters of Gas Reserves

ST. PETERSBURG Apr 11, 2007 Dow Jones Newswires

Russian state-owned exploration company Sevmorgeo has uncovered 3.2 trillion cubic meters of probable natural gas reserves in and around Ob Bay, Nina Ivanova, a spokeswoman for Sevmorgeo, said Wednesday, news agency Prime-Tass reported.

The gas condensate reserves uncovered in the area are estimated to amount to 233.568 million metric tons.

Of the total, the amount of probable offshore reserves uncovered are estimated at 1.4 trillion cubic meters of gas and 95.768 million tons of gas condensate.

Sevmorgeo has uncovered 26 fields in and around the bays of Ob and Taz and in the coastal area of the Yamal and Gydan peninsulas.

The area, located in the north of Russia Siberia near the Kara Sea, is one of Russia's major oil and gas regions, where the largest fields of Russian gas giant Gazprom (GSPBEX.RS) - Urengoiskoye, Yamburgskoye and Medvezhye - are located.

The Urengoiskoye field contains 5 trillion cubic meters of natural gas reserves and was once considered the world's largest natural gas field.

Copyright (c) 2007 Dow Jones & Company, Inc.

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