NOVATEK Commenced Gas Condensate Production at the North-Russkiy Cluster
Moscow, 3 August 2020. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced that NOVATEK-Tarkosaleneftegas, a wholly owned subsidiary, commenced pilot production from gas condensate bearing layers of the North-Russkoye and East-Tazovskoye fields with cumulative total annual production capacity of 7.7 billion cubic meters of natural gas and 1 million tons of gas condensate.
“Our production growth in the area of the Unified Gas Supply System remains one of the key priorities of the Company's Strategy,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Natural gas produced in the North-Russkiy cluster is intended for the Russian domestic market, which has proved to be very stable as compared to international markets in the recent months. Moreover, the additional volumes of gas condensate will ensure full utilization of our processing facilities.”
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.