NOVATEK INCREASED ITS STAKE IN SEVERENERGIA TO 59.8%
Moscow, 15 January 2014. OAO NOVATEK (“NOVATEK” or the “Company”) announced today the completion of a deal by Yamal development (a 50/50 Joint Venture between OAO NOVATEK and OAO GazpromNeft) to acquire a 60% equity stake in Artic Russia B.V. from the Italian energy company, ENI. Artic Russia B.V. owns a 49% equity stake in the SeverEnergia Joint Venture.
In addition, on 27 December 2013, NOVATEK and OAO Rosneft completed an asset swap, whereby NOVATEK’s 51% stake in Sibneftegas was swapped for Rosneft’s 40% stake in Artic Russia B.V.
Following the completion of the above transactions, NOVATEK’s effective share in SeverEnergia increased to 59.8%.
Chairman of the Management Board of NOVATEK, Leonid V. Mikhelson commented: “SeverEnergia has significant potential for increasing natural gas, gas condensate and crude oil production upon completing the joint venture’s field development. The Samburgskoye field is currently the only producing field of this Joint Venture, but we plan to commence commercial production in 2014 at two other large fields, Urengoyskoye and Yaro-Yakhinskoe, which contain a high condensate mix in the natural gas stream”.
SeverEnergia holds the development 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.
For further information, please visit www.novatek.ru or contact:
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. 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 in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».