Press Releases and Events
NOVATEK and Rosneft swap assets
Moscow, 20 December 2013. OAO NOVATEK (“NOVATEK” and/or the “Company”) announced the conclusion of an agreement with Rosneft on an asset swap, whereby the Company’s 51% stake in Sibneftegas will be swapped for Rosneft’s 40% stake in Artic Russia B.V., which owns 49% of SeverEnergia. The transaction doesn’t involve any cash settlements and will be closed after receipt of the necessary approvals.
On 20 November 2013, Yamal Development (a 50/50 Joint Venture between NOVATEK and GazpromNeft) signed a binding agreement with the Italian energy company Eni on acquiring a 60% equity stake in Artic Russia B.V. Following the completion of the above transactions, NOVATEK’s effective share in SeverEnergia will increase to 59.8%.
Chairman of the Management Board of NOVATEK, Leonid V. Mikhelson commented “The asset swap allows us to optimize our upstream portfolio and concentrate on the development of fields rich in liquid hydrocarbons, which complements our long-term strategy, taking into account our existing infrastructure for transportation, stabilization and fractionation of gas condensate”.
SeverEnergia holds exploration and production licenses for the Samburgskiy, Yevo-Yakhinskiy, Yaro-Yakhinskiy and North-Chaselskiy license areas. As at 1 January 2013, recoverable reserves of SeverEnergia under the ABC1+C2 categories of the Russian reserve classification were estimated at 14.3 billion barrels of oil equivalent, including 5.5 billion barrels of liquid hydrocarbons.
Sibneftegas holds exploration and production licenses for the Beregovoy and Khadyryakhinskiy license areas, as well as Pyreinoye gas condensate field. As at 1 January 2013, recoverable reserves of Sibneftegas under the ABC1+C2 categories of the Russian reserve classification were estimated at 3.5 billion barrels of oil equivalent of natural gas.
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.