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Novatek acquires Severneft-Urengoy

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LNG Industry,

Pao Novatek has announced its acquisition of Severneft-Urengoy from EuroChem, a leading global fertilizer company.

Severneft-Urengoy holds the hydrocarbon exploration and production license for the West-Yaroyakhinskiy license area located in the Purovsky district of the Yamal-Nenets Autonomous Region in close proximity to our existing infrastructure.

The license contains estimated hydrocarbon resources of 918 million boe according to the Russian resource classification as of 31 December 2016, and produced 816 million m3 of natural gas and 93 000 t of gas condensate during 2016.

According to Novatek’s Chairman of the Management Board, Leonid Mikhelson, “The acquisition of the West-Yaroyakhinskiy license area increases our resource base in close proximity to our producing assets and makes an immediate contribution to our total gas and liquids production. Gas condensate accounts for a significant portion of the area's reserves, and we expect additional synergies from processing this additional production at our Purovsky plant and our Ust-Luga Complex”.

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