Gazprom discovers gas field off Ob-Tazov Peninsula

Gazprom has announced the discovery of a 600 bn cm gas field, Kamennomysskaya, off the coast of the Ob-Tazov Peninsula. In July the company began drilling the first exploratory well and has already invested $ 9 mm.
Gazprom board member Boris Nikitin said that the industrial gas production on this field will begin either in 2005 or 2006 and is expected to reach an output of 40 bn cmpy. Gazprom plans to spend 300 mm rubles ($ 11 mm) next year to continue drilling but total investments will reach $ 1.5 bn. The company says it will need to attract foreign companies to explore the field.