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Russia’s Itera advances Turkmen oil and gas project

Thursday 30 June 2011

ASHGABAT (Reuters) – Gas producer Itera, the only Russian company working on Turkmenistan’s Caspian shelf, plans to start exploratory drilling next year as part of a $6 billion plan to produce oil and gas in the Central Asian republic.

Itera said on Wednesday that it had completed the first phase of geochemical exploration at its Block 21 licence in the Caspian Sea, which it plans to develop with Russian state oil company Zarubezhneft.

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