NOVATEK Launches the North-Russkoye FieldSource: RNS
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NOVATEK Launches the North-Russkoye Field
Moscow, 19 December 2019. PAO NOVATEK ("NOVATEK" and/or the "Company") announced that NOVATEK-Tarkosaleneftegas, a wholly owned subsidiary, commenced pilot production at the North-Russkoye field, with estimated annual production capacity of 5.7 billion cubic meters of natural gas and 700 thousand tons of gas condensate.
The North-Russkoye field is the first launch of the North-Russkiy block of fields, which also includes the Dorogovskoye, East-Tazovskoye and Kharbeyskoye fields scheduled for commercial launch during 2020 to 2021 with cumulative gas production capacity of more than 13 billion cubic meters per annum.
"The successful launch of the North-Russkoye field is consistent with the Company's strategy to increase our domestic natural gas production in the area of the United Gas Supply System," noted Leonid Mikhelson, NOVATEK's Chairman of the Management Board. "The fields comprising the North-Russkiy block are located in close proximity to each other, allowing us to optimize capital costs on natural gas and condensate treatment facilities, as well as transport infrastructure."
The North-Russkoye field is located in the Tazovskiy district of the Yamal-Nenets Autonomous Region. NOVATEK-Tarkosaleneftegas holds the field's license for exploration and production activities. As of 31 December 2018, the field's reserves under the Russian reserves classification totaled about 104 billion cubic meters of natural gas and 6.5 million tons of liquids.
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. 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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