NOVATEK acquires working interest in Egyptian concession
Moscow 27 September, 2007. OAO NOVATEK announced today it has acquired a 50% working interest in the concession agreement for oil and gas exploration and development at the
The offshore block, comprising an area of approximately 2,300 square kilometers, is located along the Mediterranean coast and is adjacent to the north coast of the Sinai. Half of the block lies at depths of up to 50 meters with the remaining area reaching depths of up to 500 meters.
The concession agreement provides for a minimum exploration period of four years which will include undertaking geophysical studies of the concession block as well as the drilling of two wells. NOVATEK will have the opportunity to extend the exploration period to nine years if preliminary results require further study. The concession agreement provides for a twenty year development period for each commercial discovery with a possible five year extension.
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.