NOVATEK and TOTAL close transaction for establishment of joint venture
OAO Novatek
NOVATEK AND TOTAL CLOSE TRANSACTION FOR ESTABLISHMENT OF JOINT VENTURE
Moscow, 4 February 2010. OAO NOVATEK (“NOVATEK” and/or the
“Company”) has today announced that the Company and Total
Termokarstovoye B.V., an affiliate of Total SA (“Total”) have closed the
transaction for the establishment of a joint venture for exploration and
development of the Termokarstovoye gas condensate field (the “Field”) in
the Yamal-Nenets Autonomous Region.
The exploration and production license for the Field is currently held
by ZAO Terneftegas (“Terneftagas”), NOVATEK’s wholly-owned subsidiary.
Total’s share in Terneftegas will increase to a total of 49% by the end
of 2010. A Final Investment Decision will be made in late 2011 upon the
successful completion of the first stage of the project.
The transaction has received approval from the Federal Anti Monopoly
Service of the Russian Federation.
Note:
The Termokarstovoye field’s reserves are estimated at 396.8 million
barrels of oil equivalent (47.3 billion cubic meters of natural gas and
10.3 million tons of liquid hydrocarbons) according to Russian reserve
classification ABC1 + C2 as at 31 December 2008.
For further information, please 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 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”.
