NOVATEK acquires stakes in exploration licenses
Moscow, 6 August 2007. OAO NOVATEK announced today that it has acquired a 25% participation interest in each of the following companies; OOO
The license areas are located in the Yamal Nenets Autonomous Region and are in close proximity to the Company’s existing fields and license areas. The six exploration license areas have an aggregate area of 21,572 square kilometers and a combined resource base of approximately 9 billion barrels of oil equivalent, of which over 60% is natural gas, of category «C3» and «D» reserves under the Russian reserve classification system.
The license acquisitions are consistent with the Company’s strategy to grow its resource base and maintain its position as the leading independent gas producer in the Russian Federation.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG 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. Upstream activities of the Company’s subsidiaries and joint ventures 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.