MOSCOW--(BUSINESS WIRE)--
FOR IMMEDIATE RELEASE
NOVATEK AND GAZPROM NEFT EQUALIZE THEIR STAKES IN SEVERENERGIA
Moscow, 1 April 2014. The Board of Directors of OAO NOVATEK (“NOVATEK” or the “Company”) resolved yesterday to approve several transactions, which will enable NOVATEK and OAO Gazprom Neft to equalize their respective equity stakes in the SeverEnergia joint venture.
NOVATEK currently holds 59.8% of the joint venture, with Gazprom Neft holding the remaining 40.2% equity stake. The agreement stipulates that NOVATEK will sell a 9.8% equity stake in SeverEnergia for a cash payment of USD 980 million.
Chairman of the Management Board of NOVATEK, Leonid V. Mikhelson commented: “Our decision to sell this equity stake and equalize our respective ownership interest is based on our long-term strategic partnership with Gazprom Neft and a successful track record of asset management on a parity basis. Moreover, it confirms the existing agreements on sales of natural gas and liquid hydrocarbons produced by SeverEnergia”.
Note
SeverEnergia via its fully consolidated subsidiary Arcticgas holds the development and production licenses for the Samburgskiy, Yevo-Yakhinskiy, Yaro-Yakhinskiy and North-Chaselskiy license areas.
As at 1 January 2014, recoverable reserves of SeverEnergia under the ABC1+C2 categories of the Russian reserve classification were estimated at 14.5 billion barrels of oil equivalent, including 5.5 billion barrels of liquid hydrocarbons.
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For further information, please visit www.novatek.ru or contact:
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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».