Press Releases and Events
Yarudeyskoye oil field reached its full production capacity
Moscow, 12 January 2016. OAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that the Yarudeyskoye oil field has reached its planned production capacity of 9,700 tons of crude oil per day, which is equivalent to approximately 3.5 million tons per annum. Twenty-four production wells are currently in operation at the field with average flow rate exceeding 400 tons of crude oil per day per well.
Chairman of the Management Board of NOVATEK, Leonid V. Mikhelson stated: “The Yarudeyskoye field was launched in December last year and it has ramped up to its full production capacity in a record short period of time as planned. The new volumes of crude oil produced at this field will positively impact the dynamics of our production in 2016 and will contribute substantially to our Free Cash Flow generation”.
The Yarudeyskoye oil field is developed by Yargeo, a joint venture between NOVATEK (51%) and Nefte Petroleum Limited (49%).
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.