28.10.2011 + + + TNK-BP intends to invest $50mn in the first stage of the project to explore for shale gas in Ukraine's eastern Donetsk Region, said German Khan, the executive director and one of billionaire shareholders of BP's Russian joint venture.
"It will be a high-risk investment," he said. "We plan to conduct additional seismic and geological studies and drill about five wells, one at each of the chosen blocks," which could take two years.
Khan told Reuters the company plans to invest between $1.5bn and $2bn into the project in the next 25 years if they get the expected results and proceed to the project's second stage.
He also said that TNK-BP is hoping to produce some 5 bcm (176.5 bcf) of shale gas, which is natural gas trapped in layered rock rather than porous reservoirs, in 5 to 7 years.
