Novatek acquires Russian field

Russia

MOSCOW, December 12, 2017 – Novatek has agreed to acquire the Chernichnoye field from Mangazeya for an undisclosed sum, the Russian independent announced on Monday.

The field is estimated to contain 179 million boe of hydrocarbon resources. The deal is expected to close in the beginning of 2018.

“We concluded an agreement to acquire another field, which will contribute to the company’s resource base and future production connected to the Unified Gas Supply System,” said Leonid Mikhelson, the chairman of the board of Novatek, in a statement. “Our strategy is focused on acquiring new producing fields to load our processing capacities for a longer time period, as well as fully utilise our existing transport infrastructure.”

Also on Monday, Novatek said it had shipped the first LNG cargo out of the Yamal LNG project in the Russian Arctic, which officially came on stream last week.

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