Press Releases and Events
NOVATEK’s Board of Directors Approves 2024 Sustainability Report
Moscow, 30 April 2025. The Board of Directors of PAO NOVATEK (“NOVATEK” and/or the “Company”) approved the 2024 Sustainability Report (the “Report”).
The central idea of the Report is “More affordable and reliable energy for the benefit of society”. In the context of the energy transition, NOVATEK sees itself taking the role of a supplier of the cleanest fossil fuel and plans to ramp up natural gas production while maintaining an unwavering focus on improving carbon efficiency to provide affordable and reliable energy to the growing global population.
Today, NOVATEK ranks as one of the top oil and gas companies worldwide in terms of not only production, but also carbon efficiency, limited employee turnover, and low work-related injury rate. In 2024, direct greenhouse gas emission intensity from our LNG production decreased by 7% to 0.224 tCO₂e per ton of LNG. The lost time injury frequency rate (LTIFR) was reduced by 7% to 0.26. The employee turnover remained at 5%.
With the expansion of its business, our Company is able to increase its sustainability investments across a variety of areas, including environmental initiatives, support for regions where we operate, and social projects. In 2024, we raised our sustainability investments by 22% to RR 23 billion.
The Report was prepared in accordance with major international and Russian standards and recommendations. All of the Report’s fifteen material topics were identified based on double materiality principle. The independent external auditor provided limited assurance on 168 indicators, which is the maximum value among Russian oil and gas companies.
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.