NOVATEK Launched The Urengoyskoye Field

Oct 24, 2013, 14:21 ET from OAO NOVATEK

MOSCOW, Oct. 24, 2013 /PRNewswire/ -- OAO NOVATEK ("NOVATEK" and/or the "Company") announced today the initial launch of the Urengoyskoye field within the Company's Olimpiysky license block, with the field's production capacity estimated at one (1) billion cubic meters (bcm) of natural gas per annum.

Four (4) production wells have been completed at the field, of which three (3) wells are already producing natural gas. The Urengoyskoye field has proved natural gas reserves of 21 bcm, as estimated under SEC reserves methodology at 31 December 2012. 

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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 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».