Wintershall, is going to complete drilling a first exploration well at Tyuleniy Island
The biggest oil producing company of Germany, Wintershall, is going to complete drilling a first exploration well at Tyuleniy Island, close to the Dagestani Caspian coast, in April 2005, reported the company executive Bernhard Schmidt.
He said that the company hopes to discover a large bed of oil and gas in this section of the Caspian shelf.
Preparatory geological exploration work is currently underway. The company Megatron NVK has been carrying out this work for the past year and a half.
In 2003 the German company acquired a 70% stake in Megatron NVK, which has exclusive rights to search for oil at one of the blocks in the Russian section of the Caspian Sea.
Wintershall CEO Reinier Zwitserloot said in March that his company plans to make Russia one of the main regions of its activity.
He said that with this aim in mind Gazprom and Wintershall founded the joint venture Achimgaz last year to produce natural gas in Yamalo- Nenets autonomous district.
The company's oil and gas production increased 7% to 8.6 million tons last year, with natural gas production up 21% to 6.1 bcm.
