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Significant reserves confirmed at the Kharbeyskoye field
Mark Gyetvay, Deputy Chairman of the Management Board
Alexander Nazarov, Head of IR
+7 (495) 730-6013
+7 (495) 721-2207
03 November 2017
Moscow, 3 November 2017. PAO NOVATEK today announced a significant increase in reserves of natural gas, gas condensate and crude oil as a result of exploration works performed in 2017 at the Kharbeyskoye field located in the Tazovskiy District of the Yamal-Nenets Autonomous Region.
Upon testing of the exploration well #305, a flow of oil was received from the BT12 layer with an initial flow rate of 90 cubic meters per day on a 10 mm choke, thereby confirming the existence of significant commercial crude oil reserves. As a result of the exploration works, the field’s hydrocarbon reserves are preliminary estimated at 220 billion cubic meters of natural gas and more than 40 million tons of crude oil (recoverable reserves) according to the Russian reserve classification ABC1+C2.
Exploration wells #306 and #307 targeting the Jurassic layers are currently being drilled, and the results of drilling and testing are expected in the nearest future.
PAO NOVATEK is one of the largest independent natural gas producers in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
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