Record Oil Flow Rate Well Completed at the Yarudeyskoye field
Moscow, 26 September 2019. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today, that Yargeo, NOVATEK joint venture, successfully completed well number 68 targeting the Jurassic layers at the Yarudeyskoye field, utilizing a horizontal length of 1,068 meters as part of the well construction design.
Initial daily well flow rate amounted to 1,010 tons, representing the field’s best well flow rates since commissioning of the field in 2015. The flow rate was achieved without hydro-fracturing due to the well’s unique design, and is part of a program to maintain the field’s oil production.
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.