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NOVATEK’s Board of Directors Approves 2023 Sustainability Report

Moscow, 31 May 2024. The Board of Directors of PAO NOVATEK (“NOVATEK” and/or the “Company”) approved the 2023 Sustainability Report (the “Report”). 

The seventeenth edition of the Report covers the Company’s contribution to the achievement of Russia’s national development goals and the UN Sustainable Development Goals as well as progress toward NOVATEK’s strategic climate and environmental goals. The Report contains disclosures on 16 material topics with climate action and air protection being top of mind for the Company.

An external independent auditor provided limited assurance on more than 100 indicators and confirmed their conformance with the GRI (GRI content index) Disclosures and SASB (SASB content index) Codes. 

In 2023, NOVATEK achieved significant progress toward better carbon efficiency by increasing investment in the activities under our Comprehensive Environmental Targets Program and by streamlining our production processes. In 2023, while increasing our production, we were able to cut direct GHG emissions intensity in upstream operations by 1.5% to 8.5 tons of CO₂ equivalent per mboe, which is one of the best results in the oil and gas industry globally. 

Another important achievement of the reporting year was significant reduction in the lost time injury frequency rate (LTIFR) by 30% year-on-year thanks to training, practical courses, specialized events on safety culture improvement, and the increase in respective investments. 

In 2023, total investments across various sustainability areas grew by 52% to RUB 19.3 billion.  

The Report is available on the NOVATEK website in the Sustainable Development section.

PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.