NOVATEK wins auction for the East-Tazovskoye field

The East-Tazovskoye field is located in the Yamal-Nenets Autonomous Region in close proximity to the North-Russkoye field, the license for which is also held by NOVATEK- Tarkosaleneftegas.
 
As of 1 January 2012, recoverable reserves of the field under Russian reserve classification “C1 + C2” amounted to 65.3 billion cubic meters of natural gas and 13.4 million tons of liquid hydrocarbons.
 
The Chairman of NOVATEK’s Management Board Leonid Mikhelson noted: “The acquisition of a new license is fully consistent with our strategy and allows us to expand the resource base in our core region. We will benefit from significant synergies due to the proximity of the East-Tazovskoye field to our existing asset base”.

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 84% 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.