Press Releases and Events
NOVATEK Reached Milestone of One Trillion Cubic Meters
Moscow, 16 March 2020. PAO NOVATEK (“NOVATEK” and/or the “Company”) today announced that the Company has reached a milestone of one trillion cubic meters* in cumulative natural gas production since commencing its natural gas field development program.
The Company commenced producing natural gas at its East-Tarkosalinskoye field with the launch of the first gas treatment unit in 1998. Subsequently, the Company started developing deeper gas condensate bearing layers that required the application of new state-of-the-art technologies, including drilling large diameter, long horizontal wells with multi-stage fracturing. The combination of natural gas produced from subsidiary companies and joint ventures has steadily increased over the past years, and with the successful launch of our flagship Yamal LNG project in 2017, NOVATEK has transformed from providing natural gas to the Russian domestic market to a global LNG player.
“Today, NOVATEK is one of the largest natural gas producers globally. Reaching cumulative natural gas volume of one trillion cubic meters is a significant milestone for the Company, and we are very proud of what we achieved since the Company’s foundation. We have built a natural gas platform both domestically and now internationally with our Yamal LNG project that is one of the most cost-competitive in the industry.” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “A high quality, long life resource base combined with a low cost operating model as well as our highly professional team capable of solving the most complex tasks represent our biggest competitive advantage vis-à-vis our global industry competitors.”
* Based on 100% of production of the Company’s subsidiaries and joint ventures.
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.