Press Releases and Events
MINISTRY OF NATURAL RESOURCES REVIEWS NOVATEK’S FIELDS FOR COMPLIANCE WITH LICENSE AGREEMENTS
On the 14th of September 2005, the Ministry of Natural Resources reviewed the current status of development at Novatek’s fields in the Yamal-Nenets Autonomous District for compliance with terms and conditions of our license agreements. Based on reviews carried out in July and August 2005, the Ministry of Natural Resources has issued a warning for violations of the license agreement for the Yumantilskiy license area. The license area covers approximately 530 square kilometers and lies 45 kilometers northeast of the city of Tarko Sale. The Yumantilskoye field within the license area covers approximately 26 square kilometers and has estimated Russian reserve classification ABC1 reserves of 11 million barrels of oil equivalent, consisting of 1.5 billion cubic meters of natural gas and 140 thousand tons of gas condensate. Commercial production at the Yumantilskoye field began in 2001, and in 2004, the field produced 0.028 billion cubic meters of natural gas and 14.5 thousand tons of condensate. The Company has six months to address the violations and will take immediate steps to comply with the Ministry’s requirements.
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.