Press Releases and Events
NOVATEK Joins the Methane Guiding Principles Initiative
Moscow, 7 October 2020. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that it became the signatory company to the Methane Guiding Principles initiative, a voluntary, international multi-stakeholder partnership between industry and non-industry organizations with a focus on priority areas for action along the natural gas value chain. The Company joined international oil and gas industry leaders and global supporting organizations to achieve a goal to continually reduce methane emissions within business activities, increase transparency and implementation of regulations on methane emissions.
“With a large share of natural gas in our energy production mix, NOVATEK already has one of the lowest greenhouse gas and methane emissions intensity across the global oil and gas sector. Recently we published our environmental and climate change targets, being the only Russian oil and gas company with methane emissions long-term goal to reduce specific methane emissions by 4% by 2030,” noted NOVATEK’s Deputy Chairman of the Management Board Mark Gyetvay. “Natural gas will play a vital role towards an environmentally sustainable future and reducing methane leaks to the atmosphere is the single most important and cost-effective way for the industry to bring down greenhouse gas emissions”.
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.