Press Releases and Events
NOVATEK and Gazprom Neft establish joint venture
Moscow, 26 July 2010. OAO NOVATEK (“NOVATEK” and/or the “Company”) has announced the creation of a joint venture, OOO Yamal Development, with OAO Gazprom Neft to jointly develop potential hydrocarbon assets in the Yamal-Nenets Autonomous Region (YNAO), with each entity holding a 50% equity participation interest in OOO Yamal Development. The combined experience of the two companies will enable the joint venture to optimize the development of complex multi-layered fields containing natural gas, gas condensate and crude oil in the YNAO and to ensure the rational management of the Region’s resources.
The creation of the joint venture is consistent with NOVATEK’s strategy to increase the Company’s production capacity and resource base of natural gas and liquid hydrocarbons.
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.