Press Releases and Events
NOVATEK and Total close transaction for establishment of joint venture
Moscow, 4 February 2010. OAO NOVATEK (“NOVATEK” and/or the “Company”) has today announced that the Company and Total Termokarstovoye B.V., an affiliate of Total SA (“Total”) have closed the transaction for the establishment of a joint venture for exploration and development of the Termokarstovoye gas condensate field (the “Field”) in the Yamal-Nenets Autonomous Region.
The exploration and production license for the Field is currently held by ZAO Terneftegas (“Terneftagas”), NOVATEK’s wholly-owned subsidiary. Total’s share in Terneftegas will increase to a total of 49% by the end of 2010. A Final Investment Decision will be made in late 2011 upon the successful completion of the first stage of the project.
The transaction has received approval from the Federal Anti Monopoly Service of the Russian Federation.
The Termokarstovoye field’s reserves are estimated at 396.8 million barrels of oil equivalent (47.3 billion cubic meters of natural gas and 10.3 million tons of liquid hydrocarbons) according to Russian reserve classification ABC1 + C2 as at 31 December 2008.
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.