NOVATEK Acquires Severneft-Urengoy

Source: www.gulfoilandgas.com 11/23/2017, Location: Asia

PAO NOVATEK (NOVATEK) announced the acquisition of Severneft-Urengoy from EuroChem, a leading global fertilizer company. Severneft-Urengoy holds the hydrocarbon exploration and production license for the West-Yaroyakhinskiy license area located in the Purovsky district of the Yamal-Nenets Autonomous Region in close proximity to our existing infrastructure.

The license contains estimated hydrocarbon resources of 918 mmboe according to the Russian resource classification as of 31 December 2016, and produced 816 million cubic meters of natural gas and 93 thousand tons of gas condensate during 2016.

According to NOVATEK’s Chairman of the Management Board, Leonid Mikhelson, “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”.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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