Novatek Wins Yamal-Nenets Field

Russia's largest independent explorer and producer Novatek has announced today that it placed the winning bid on the highly prospective East-Tazovskoye field.

The company's subsidiary, Novatek-Tarkosaleneftegaz, secured the Russian field with a bid of RUB 3.19 billion (approximately €79.8 million). The East-Tazovskoye field is believed to be very positive for gas, with most recent estimates for the field putting recoverable reserves at 65.3 billion cubic meters of natural gas and 13.4 million tons of liquid hydrocarbons.

"The acquisition of a new license is fully consistent with our strategy and allows us to expand the resource base in our core region," Chairman of Novatek's BoM Leonid Mikhelson said today. "We will benefit from significant synergies due to the proximity of the East-Tazovskoye field to our existing asset base."

The field, which is located in the Yamal-Nenets region, adds to an already heavy asset base for Novatek in the area, including the Yurkharovskoye and South-Tambeyskoye fields. The Yamal-Nenets is the most producing of all Russian regions, providing around 17 per cent of the world's gas production.