09 February 2018
Moscow, 9 February 2018. PAO NOVATEK (NOVATEK), Total and Eni signed exploration and production agreements (Agreements) with the Government of Lebanon to explore and produce hydrocarbons on the offshore blocks 4 and 9 in the Eastern part of the Mediterranean Sea. NOVATEK’s participating interest in the Agreements is 20%, Total and Eni both hold 40% stakes, with Total appointed as the Operator.
In October 2017, NOVATEK jointly with Total and Eni submitted a bid for the two offshore blocks in Lebanon. In December 2017, the Government of Lebanon resolved to award the blocks 4 and 9 to the bidders as the result of the first International Competitive Offshore Licensing Round and resolved on concluding the exploration and production agreements.
PAO NOVATEK is the largest independent natural gas producers in Russia, and in 2017, entered the global gas market by successfully launching the Yamal LNG project. 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”.