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History

The history of NOVATEK started in August 1994, when AOOT FIK Novafininvest was established (the name was changed to OAO NOVATEK later). The new Company focused on oil and gas assets development from the very beginning.

We acquired the exploration and production licenses in the YNAO (East-Tarkosalinskoye, Khancheyskoye and Yurkharovskoye fields) and made significant investments in the fields development and surface facilities construction. The trial operation of the East-Tarkosalinskoye oil field commenced in 1996 and commercial production of natural gas started in 1998. Gas marketing development commenced in 2002 with first natural gas sales to end-customers.

We completed the consolidation of NOVATEK’s main assets in 2004 and disposed the non-core businesses - in 2005 in order to focus on our core assets.

Our Purovsky Condensate Processing Plant was commissioned the same year becoming the most important element of the vertically integrated production chain of the Company and the Company’s IPO was conducted on the London stock exchange and Russia’s MICEX stock exchange.

The Company’s production volumes and asset portfolio grew rapidly in the subsequent years. NOVATEK acquired stakes in SeverEnergia, Nortgas and Yamal LNG, as well as new licenses including prospective areas in the Gydan Peninsula and the Gulf of Ob. We continued the development of the vertically integrated production chain with the launch of Ust-Luga complex in 2013.

Yamal LNG has commenced producing liquefied natural gas (LNG) at the first LNG train in 2017. Therefore, NOVATEK entered the global gas market and transforms into a global gas and LNG power.


Key Milestones

2020
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1994
  • Board of Directors approved the new Dividend Policy to increase the minimum target payout level from 30% to 50% of the adjusted consolidated net profit according to the IFRS.
  • NOVATEK approved environmental and climate change targets for the period up to 2030 including atmospheric emissions reduction, associated petroleum gas utilization and waste disposal.
  • NOVATEK launched North-Russkoye field and East-Tazovskoye field.
  • First small-scale LNG plant was launched in the Chelyabinsk region (Magnitogorsk).
  • Yamal LNG Arc7 ice-class tankers completed unique voyages along the Northern Sea Route in June 2020 and January 2021 opening the navigation one month before and ending it two months after the end of the traditional navigation season.
  • NOVATEK closed the sales of participation interests (10% each) in Arctic LNG 2 project to TOTAL, CNPC, CNOOC and the consortium of Mitsui and JOGMEC.
  • Final Investment Decision made on Arctic LNG 2 project.
  • Arctic LNG 2 and the consortium of TechnipFMC SAIPEM, and NIPIgas signed the contract on engineering, procurement, supply, construction and commissioning of an integrated liquefied natural gas facility.
  • Cryogas-Vysotsk, — first medium-scale LNG production project in Baltic region, was launched.
  • NOVATEK acquired mineral licenses for the Khalmeriakhinskiy, Dorofeevskiy, West-Dorofeevskiy, South-Khalmeriakhinskiy and South-Dorofeevskiy license areas in Krasnoyarsk region, and Soletsko+Khanoveiskoye fields, East-Ladertoyskiy, South-Yamburgskiy and Bukharinskiy license areas in the YNAO.
  • NOVATEK launched North-Russkoye, East-Urengoyskoye+North-Esetinskoye and West-Yurkharovskoye fields.