OREANDA-NEWS. April 26, 2011. ITERA Oil and Gas Company, LLC filed an application to Rosnedra (Subsurface Resources of Russia) to participate in a competition to buy the Geophysical field on April 13. This is one of the four fields of hydrocarbons in the Yamal Peninsula put up for a tender.

Igor Makarov, Chairman of the Board of Directors of the Company stressed that "this was an optimum choice for us because the Geophysical field was the closest to the fields currently developed by our Company. In case of positive solution ITERA would be ready to get involved in a state program intended to create a resource base for production of liquefied natural gas".

ITERA Oil and Gas Company, LLC is one among the larger independent producers and sellers of natural gas in the Russian Federation. The Company had been developing its natural gas production in the Yamalo-Nenets Autonomous District since 1998. The Company has invested over USD  2 billion in development of the gas production industry. ITERA was the first private company to commission gas fields in the North of Russia. The total of over 235 billion cu m of natural gas had been produced in the fields developed by ITERA.