4th Feb 2010 07:46
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:
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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".
Copyright Business Wire 2010
Related Shares:
NVTK.L