Novatek

PAO NOVATEK is the largest independent natural gas producer in Russia. The Company is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons and have 25 years of operational experience in the Russian oil and natural gas sector.

The main production assets of NOVATEK are located in the Far North, a harsh Arctic region with rich mineral deposits and fragile, easily vulnerable nature. In its activities, the Company pays significant attention to environmental issues.

History

The history of NOVATEK started in August 1994, when AOOT FIK Novafininvest was established (the name was changed to OAO NOVATEK later). The new Company focused on oil and gas assets development from the very beginning.

We acquired the exploration and production licenses in the YNAO (East-Tarkosalinskoye, Khancheyskoye and Yurkharovskoye fields) and made significant investments in the fields development and surface facilities construction. The trial operation of the East-Tarkosalinskoye oil field commenced in 1996 and commercial production of natural gas started in 1998. Gas marketing development commenced in 2002 with first natural gas sales to end-customers.

We completed the consolidation of NOVATEK’s main assets in 2004 and disposed the non-core businesses - in 2005 in order to focus on our core assets.

Our Purovsky Condensate Processing Plant was commissioned the same year becoming the most important element of the vertically integrated production chain of the Company and the Company’s IPO was conducted on the London stock exchange and Russia’s MICEX stock exchange.

The Company’s production volumes and asset portfolio grew rapidly in the subsequent years. NOVATEK acquired stakes in SeverEnergia, Nortgas and Yamal LNG, as well as new licenses including prospective areas in the Gydan Peninsula and the Gulf of Ob. We continued the development of the vertically integrated production chain with the launch of Ust-Luga complex in 2013.

Yamal LNG has commenced producing liquefied natural gas (LNG) at the first LNG train in 2017. Therefore, NOVATEK entered the global gas market and transforms into a global gas and LNG power.