NOVATEK reaches cumulative natural gas production milestone
OAO Novatek
NOVATEK REACHES CUMULATIVE NATURAL GAS PRODUCTION MILESTONE
Moscow, 23 October 2009. OAO NOVATEK (“NOVATEK” or the
“Company”) today has announced it has reached the aggregate production
milestone of 200 billion cubic meters (bcm) of natural gas production
from its main fields. The Company’s milestone was realized primarily due
to production from its three core fields, East-Tarkosalinskoye,
Khancheyskoye and Yurkharovskoye, which contributed 58.7%, 9.8% and
31.4%, respectively, to the Company’s
200 bcm in cumulative natural gas production and account for
approximately 99% of NOVATEK’s current production.
It took NOVATEK eight and a half years, from the inception of natural
gas production in 1998, to reach the first cumulative production
milestone of 100 bcm in June 2006, whereas the next
100 bcm in cumulative production was accomplished in just over three and
a half years.
According to NOVATEK’s CEO, Leonid Mikhelson, “Since inception, we have
focused on expanding our resource base and increasing our natural gas
production capacity in accordance with the Company’s strategic plan, and
have continued to invest the necessary capital to organically grow
production to meet expected demand. The milestones we have achieved in a
relatively short period of time are a direct result of the cumulative
efforts of our specialists, our commitment to sustainable business
development and our strategy to be the leading independent natural gas
producer in Russia and a recognized leader in the global natural gas
sector.”
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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 Region, which
is the world's largest natural gas producing area and accounts for over
90% of Russia's natural gas production and 20% 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 on the
Russian Trading System (RTS) and the London Stock Exchange (LSE) under
the ticker symbol ‘NVTK’ and on the NASDAQ PORTAL System as Rule 144A
GDR under the ticker symbol “NVATY”.
