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NOVATEK signs concession contract in Montenegro

Moscow, September 14, 2016. Subsidiaries of OAO NOVATEK (NOVATEK) and Eni signed today a concession contract with the Government of Montenegro for the exploration and production of hydrocarbons for four offshore blocks in Montenegro.  Each company will participate in the concession with a 50% share, and Eni was appointed as the Operator.

Blocks 4118-4, 4118-5, 4118-9 and 4118-10, comprising a total area of approximately 1.2 thousand square kilometers, are located in the territorial waters of Montenegro.



In 2014, NOVATEK jointly with Eni submitted a bid for the four offshore blocks with the Government of Montenegro selected the consortium as the best bidder and passed the concession proposal to the Parliament in 2015. In June 2016, the Parliament of Montenegro resolved on concluding the concession contract with NOVATEK and Eni.

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.