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NOVATEK aims to expand its resource base through geological exploration at fields and license areas not only in close proximity to existing transportation and production infrastructure, but also in new potentially prospective hydrocarbon areas. The Company ensures the efficiency of geological exploration work by deploying state-of-the-art technologies and relying on the experience and expertise of the specialists in its geology department, and the Company’s Scientific and Technical Center located in Tyumen.
The Company uses a systematic and comprehensive approach to exploration and development of its fields and license areas, beginning with the collection and interpretation of seismic data to the creation of dynamic field models for the placement of exploration and production wells. We employ modern geological and hydrodynamic modelling as well as new well drilling and completion techniques to maximize the ultimate recovery of hydrocarbons in a cost effective manner.
In 2014, we continued full-scale exploration works at our license areas located on the Gydan Peninsula and offshore in the Gulf of Ob - assessment of the resource potential of the license areas was completed and preparatory works for exploration drilling on the Utrenneye field were conducted. Exploration work activities also continued at the fields and license areas in the Nadym-Pur-Taz region, including the license areas of the SeverEnergia joint venture. Supplementary exploration works were carried out at the Malo-Yamalskoye field located on the Yamal Peninsula.
In 2014, NOVATEK completed 828 square km of three-dimensional (3D) seismic, including seismic activities run at our joint ventures. Seismic works were conducted at the North-Russky, Yarudeysky and Samburgsky license areas, and seismic studies were completed at the offshore part of the Geofizicheskoye field in the Gulf of Ob.
Exploration drilling amounted to 26.3 thousand meters, the construction of six (6) prospecting and exploration wells was completed. As a result, Harbeyskoye oil and gas with recoverable reserves (under the Russian reserve classification C1 + C2) of 26.7 bcm of natural gas and 7.8 mln tons of liquid hydrocarbons was discovered at the North-Russky license area. New hydrocarbon deposits were also discovered in the Jurassic sediments of the South-Tambeyskoye field, and wet gas reserves were increased in the Achimov deposits of the Urengoyskoye field at the Samburgsky and Olympiysky license areas.