12th Oct 2010 09:15
NOVATEK INCREASES PRODUCTIVE CAPACITY AT THE YURKHAROVSKOYE FIELD TO 33 BCM
OAO NOVATEK ("NOVATEK" and/or the "Company") announced the commencement of the final stage of Phase Two development at its wholly-owned Yurkharovskoye field. As part of the Company's capital investment program, two additional processing trains for separating natural gas were launched at the field, thus increasing the Yurkharovskoye field's annual productive capacity to approximately 33 billion cubic meters of natural gas and approximately three million tons of unstable gas condensate.
According to NOVATEK's CEO, Leonid Mikhelson, "The Company has been consistent in its focused approach to implementing its strategy to increase hydrocarbon production and processing capacities as evidenced by our successes at the Yurkharovskoye field. Moreover, the field's development program has become a platform for implementing new drilling, production and processing technologies, as well as innovative solutions, which may be applied to our new and future projects."
Note:
The Yurkharovskoye field is located within the Polar Circle southeast of the Tazovsky peninsula. The field is licensed to our wholly-owned subsidiary OOO NOVATEK-YURKHAROVNEFTEGAS, and has been producing natural gas and gas condensate since 2003. The field's proven (SEC) reserves at 31 December 2009 amount to 443.6 bcm of natural gas and 22.4 million tons of liquid hydrocarbons. In the first nine months of 2010, the field produced 17.5 bcm of natural gas and 1.5 million tons of unstable gas condensate. The Yurkharovskoye field is the largest of NOVATEK's exploration and production assets in terms of reserves and production and is the driver for the Company's mid-term production and reserves growth.
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For further information, please visit www.novatek.ru or contact:
| Press Service +7 (495) 721 2207 | Investor Relations +7 (495) 730 6013 |
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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 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), MICEX Stock Exchange 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
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