Novatek Launches Arcticgas
Russia's second-largest natural gas producer Novatek (NVTK.ME) announced that Arcticgas, a joint venture between Novatek and PAO Gazprom Neft (SIBN.ME), commenced commercial production at the East-Urengoyskoye+North-Esetinskoye field within the Samburgskiy license area.
It has an estimated annual production capacity of more than one (1) billion cubic meters of natural gas and 0.2 million tons of gas condensate.
The new production capacity is located in close proximity to the Company’s existing infrastructure, which allowed Novatek to quickly commence initial production and optimize the capital costs.
The field will contribute to incremental growth in Novatek’s domestic natural gas production in the area of the United Gas Supply System.
The East-Urengoyskoye+North-Esetinskoye field is located in the Purovsky district of the Yamal-Nenets Autonomous Region.
Arcticgas holds the field’s license for the exploration and production within the Samburgskiy license area. As of 31 December 2018, the field’s reserves under the Russian reserves classification totaled about 94 billion cubic meters of natural gas and 27 million tons of liquids.
