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NOVATEK launches second phase at Yurkharovskoye field

Moscow, 22 September 2008. OAO NOVATEK (hereinafter «NOVATEK» and/or the «Company») is pleased to announce that it has completed and initially launched the second phase of development at its Yurkharovskoye field. The second stage includes two processing trains: a natural gas separation plant and a condensate preparation unit with an initial capacity of 20 mmcm/day. The total rated capacity of the second phase will exceed seven billion cubic meters («bcm») per annum.

As a part of the second phase, NOVATEK has built and connected an 87 kilometers («km») natural gas pipeline with a 1,420 millimeters diameter to the Unified Gas Supply System, owned and operated by OAO Gazprom. The new pipeline connection will enable NOVATEK to transport from the field up to 34 bcm of natural gas on an annual basis.

According to NOVATEK’s CEO, Leonid Mikhelson, «The Company has spent a significant amount of capital over the past eighteen to twenty-four months on infrastructure-related projects as part of our strategy to increase production at our core fields. The completion and commissioning of the new production facilities will enable NOVATEK to achieve its intended growth targets.»

With the launching of the second phase facilities at the Yurkharovskoye field the Company plans to increase daily natural gas production to more than 100 mmcm per day, or by more than 20%, as well as proportionately increase gas condensate yields.

Note: The Yurkharovskoye field is located within the Polar Circle southeast of the Tazovsky peninsula. The field is licensed to our wholly-owned subsidiary OOO NOVATEK-YURKHAROVNEFTEGAS, and has been producing natural gas and gas condensate since 2003. The field’s proven (SEC) reserves amount to 312 bcm of natural gas and 15 million tons of liquid hydrocarbons. In 2007, the field produced 9.63 bcm of natural gas and 740 thousand tons of gas condensate. The Yurkharovskoye field is the largest of NOVATEK’s core fields in terms of reserves and the cornerstone of mid-term strategy of production growing.

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.