Itera sees big spend on Block 21

** FILE ** Turkmen soldiers stand in front of a gold plated statue of the late leader Saparmurat Niyazov, or Turkmenbashi

Turkmenistan: Itera plans billions for Block 21 investment.

BURHAN OZBILICI

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By News Wires

 14 April 2010 22:37 GMT

Russian independent gas producer Itera will invest up to $6 billion by 2020 in the Turkmen offshore oil and gas block it is developing, Itera exec Gennady Skidanov said today.



Itera signed a production sharing agreement to develop Block 21 in the Turkmen sector of the Caspian last year, becoming one of the few foreign companies to enter such a deal in the Central Asian former Soviet republic.

"We plan to invest a total of $5-6 billion in this project within 10 years starting from early 2010," Skidanov said in a Reuters report.

The first phase, exploration, will cost $300 million, he said.

Itera has invited another Russia’s state-owned Zarubezhneft, as a partner in the project.

Block 21 holds an estimated 200 million…

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