NOVATEK and Gazprom Neft sign agreement of joint Arctic development
As part of Saint-Petersburg International Economic Forum, PAO NOVATEK and PAO Gazprom Neft signed an Agreement of Intent on Arctic Projects, NOVATEK says in a press release. The document provides for establishing a joint venture to explore and develop Arctic hydrocarbon fields.
“Gazprom Neft has been our reliable partner for many years. Together, we successfully launched our joint venture Arcticgas, which offered unique challenges in developing deeper producing horizons,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Our experience of working together creates a solid base for expanding our mutually beneficial cooperation in the Arctic zone”.
PAO NOVATEK is the largest independent natural gas producers in Russia, and in 2017, entered the global gas market by successfully launching the Yamal LNG project. 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 mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.
