Russia’s Novatek boosts gas resources with new acquisition

For illustration purposes only (Image courtesy of EuroChem)

Russian LNG export project developer and gas producer, Novatek on Thursday said it bought Severneft-Urengoy from EuroChem, a global fertilizer company. 

Severneft-Urengoy holds the hydrocarbon exploration and production license for the West-Yaroyakhinskiy area located in the Purovsky district of the Yamal-Nenets region. The license is located near Novatek’s existing infrastructure.

The license contains about 918 million barrels of oil equivalent (mmboe) of hydrocarbon resources as of 31 December 2016, according to Novatek’s statement. It produced 816 million cubic meters of natural gas and 93 thousand tons of gas condensate during 2016.

Noavtek did not reveal the price of the deal.

“The acquisition of the West-Yaroyakhinskiy license area increases our resource base in close proximity to our producing assets and makes an immediate contribution to our total gas and liquids production. Gas condensate accounts for a significant portion of the area’s reserves, and we expect additional synergies from processing this additional production at our Purovsky plant and our Ust-Luga Complex,” said Leonid Mikhelson, chief executive and co-owner of Novatek

 

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