New oil prospect being drilled in Russia

RASNODAR, Russia, Dec. 29 (UPI) -- Drilling began Thursday at the first prospective oil well on the Sea of Azov shelf, the Priazovneft Company announced.

"According to forecasts of geophysicists, the team of drill foreman Yuri Basto is to reach an oil stratum at a depth of 3,600 meters," Yuri Konev, company director-general said. "This licensed Novy section is located on the Russian territory in the southeastern zone of the Sea of Azov," Konev specified.

The area is approximately 3500 square miles. To keep in compliance with environmental protection laws, the drill platform was put together in an offshore zone near the predicted oil well, reported the Itar-Tass news agency.

Directional drilling will be used and the well is expected to be completed within six months.

Since exploration began around 1957, only 29 wells have been drilled in the Sea of Azov and ten gas deposits opened. Only two out of those 40 turned out to be commercial, the Strelkovoye well in the Ukrainian part of the basin and the Beisugskoye on the Krasnodar coast.

The Priazovneft Company was set up in 2002 specifially to develope the Azov basin. It was co-founded by LUKOIL and Rosneft as well as by the administration of the Krasnodar Territory.