NOVATEK Launches South-Khadyryakhinskoye fieldSource: RNS
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NOVATEK Launches South-Khadyryakhinskoye field
Moscow, 24 July 2019. PAO NOVATEK ("NOVATEK" and/or the "Company") announced today that the Company's wholly owned subsidiary NOVATEK-Tarkosaleneftegas commenced commercial production at the South-Khadyryakhinskoye gas field, with estimated gas capacity at about one billion cubic meters per annum.
"The South-Khadyryakhinskoye field is located in close proximity to the Company's existing infrastructure, which allowed us to quickly commence initial gas production and optimize the field's capital costs," noted NOVATEK's Chairman of the Management Board Leonid Mikhelson. "The new gas production capacity will contribute immediately to incremental growth in our domestic natural gas production connected to the United Gas Supply System".
The South-Khadyryakhinskoye field is located in the Purovsky district of the Yamal-Nenets Autonomous Region. NOVATEK-Tarkosaleneftegas holds the field's license for the exploration and production, which was acquired in December 2017. As of 31 December 2018, the field's reserves under the Russian reserves classification totaled about 28 billion cubic meters of natural gas.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global gas 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. The Company's upstream activities 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. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
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