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NOVATEK and Gazprom Neft Create JV to Develop the North-Vrangelevskiy License Area

Saint-Petersburg, 4 June 2021. As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”) and PAO Gazprom Neft (“Gazprom Neft”) concluded a transaction on NOVATEK’s acquisition of a 49% participation interest in OOO Gazpromneft Sakhalin owning a geological survey, exploration and production license for the North-Vrangelevskiy license area.  The transaction builds on the Agreement on joint Arctic development signed by the parties in June 2019 at the Saint-Petersburg International Economic Forum.
The Parties plan to conduct exploration work on a parity basis at the North-Vrangelevskiy license area located in the eastern part of the East Siberian Sea and the western part of the Chukchi Sea. The water depth within the license area is 20-90 meters.

“We are expanding our long term resource base to implement new projects in the Arctic Zone of Russia,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “We have a solid background for efficient operations on this new prospective project: successful track record of joint projects implementation with Gazprom Neft, our experience in navigating the Northern Sea Route as well as the measures taken by the Government of the Russian Federation to ensure year-round navigation along the NSR”.


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.