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Tuesday, 02 December, 2008, 03:10 GMT | more >>

Novatek moves on Nenets players



By Upstream staff 

Photo by KONSTANTIN MIKHAILOV/Centre for Russian Nature Conservation


Russian gas producer Novatek has taken 25% stakes in three companies holding exploration licences in the northern Yamal-Nenets region for an undisclosed sum.

Novatek bought the stakes in Oiltechproduct-Invest, Petra Invest-M and Tailiksneftegas, developing gas fields in the region, which accounts for over 90% of Russia's natural gas output.

A company spokesman declined to disclose the value of the deal or the reserves acquired.

Novatek, in which gas monopoly Gazprom has a 19.4% stake, has ambitious production growth targets of 30 billion cubic metres of gas this year, increasing to 45 Bcm by 2010 and 65 Bcm by 2015.


Monday, 06 August, 2007, 08:50 GMT  | last updated: Monday, 06 August, 2007, 08:50 GMT

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