Penza, 26 September 2011. PenzaNews. The governor of the Penza region Vasily Bochkarev held a working meeting with the technical director of Australian company "Raisama Limited" Jim Duran on Monday, September, 26th. They discussed the possibility of petroleum production in the Penza region.

The first deputy of the chairman of the government of the Penza region — the head of department of investment development Arstanbek Nogoev, the director of the company "Raisama Limited" in the CIS countries Victor Zabolotny, the chief of the department of geology and licensing in the Penza region, regional agency of subsurface resources management in Volga federal district Konstantin Antonov and also the candidate of geological-mineralogical science Alexander Neevin took part in the meeting.

According to Konstantin Antonov, there are 3 oil deposits in the Penza region now.

Konstantin Antonov said: "Besides, there are additional sites, which needs to be studied. Everything, according to Perm research institute, there are 45-50 million tons of mineral oil".

According to the first deputy of the chairman of the regional government Arstanbek Nogoev, in June 2011 Australian investors registered an enterprise in the Penza region all necessary documents are confirmed in Moscow now.

Arstanbek Nogoev said: "As soon as the documents will be confirmed and the contest of development of the deposits will come to the end, the representatives of the Australian company can start to work on the territory of Kuznetsk area. It is supposed that there will be two wells which will cost will 8 million US dollars".

He also said that in future the company "Raisama Limited" intends to construct oil refining factory in the region.

Arstanbek Nogoev said: "The main benefit of the project is that the foreign company will arrive in the Penza region and it will be a good example for other foreign investors".

According to the governor Vasily Bochkarev, the documents are studied in the ministries and departments very slowly and it's necessary to expedite it.

The head of the region said: "I ask to report me weekly about the realization of the petroleum production project".