MOSCOW, Oct. 29, 2013 /PRNewswire/ -- OAO NOVATEK ("NOVATEK" and/or the "Company") announced today the launch of the Eastern dome of the North-Urengoyskoye field developed by the Nortgas joint venture.
Eighteen (18) production wells have been completed at the Eastern dome, and its infrastructure includes a gas treatment facility with annual capacity of six (6) billion cubic meters (bcm), gas gathering networks, gas and gas condensate pipelines to the Western dome of the field. The Eastern dome allows the joint venture to achieve peak production capacity of more than 10 bcm of natural gas and 1.4 million tons of gas condensate already in 2014.
According to NOVATEK's CEO, Leonid Mikhelson, "We acquired our equity stake in Nortgas less than twelve months ago, and the Eastern dome of the North-Urengoyskoye field has been prepared for production launch within a very short period of time and is an important contributing factor in our gas and gas condensate production growth. The expected ramp up of gas condensate production is fully synchronized with the expansion of our processing facilities."
Nortgas is a 50/50 joint venture between OAO NOVATEK and OAO Gazprom.
The North-Urengoyskoye field has proved reserves of 157.3 bcm of natural gas and 21.1 mmt of liquid hydrocarbons, as estimated under SEC reserves methodology at 31 December 2012. Hydrocarbon deposits of the field are allocated between the Eastern and Western domes. Commercial production at the Western dome commenced in 2001.
In the first nine months of 2013, marketable production of the field was 2.90 bcm of natural gas and 290 thousand tons of gas condensate.
Gas condensate produced at the field is processed at the Company's Purovsky Plant.
For further information, please visit www.novatek.ru or 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 Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 90% 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. The Company's shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
SOURCE OAO NOVATEK