Novatek

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Novatek OAO
Type Public (OAO)
Traded as MCX: NVTK
LSE: NVTK
Industry Oil and gas
Founded 1994 (1994)
Headquarters Tarko-Sale, Russia
Key people Alexander Y. Natalenko (Chairman)
Leonid Mikhelson (CEO)
Products Petroleum
Natural gas
Revenue Increase US$6.9 billion (2012)
Net income Decrease US$227.8 million (2012)
Employees 3,600
Website www.novatek.ru/en/

Novatek (Russian: ОАО «НОВАТЭК», MCX: NVTK) is Russia's largest independent natural gas producer, and the country's second largest gas producer after state-controlled Gazprom. The company was originally known as OAO FIK Novafininvest. Novatek is based in the Yamalo-Nenets Autonomous Region in West Siberia, and maintains a sales office in Moscow.

The major shareholders of Novatek are Volga Resources, the Luxembourg-based fund controlled by oil trader Gennady Timchenko, with 20.77% of shares and Gazprom with 10%.[1][2] A 9.4% stake is owned by Gazprombank, while Novatek's CEO Leonid Mikhelson and Gennady Timchenko have an option to buy this stake.[2] Total S.A. has signed a memorandum of understanding to acquire 12.08% at a cost of $4 billion, with an option to increase its stake to 19.4%.[3]

Operations

The major gas field owned by Novatek is the Yurkharovskoye field.[4] On 27 May 2009, Novatek bought a 51% stake in Yamal LNG from Volga Resources, which controls the giant South-Tambeyskoye field.[5] On 2 July 2010, Novatek purchased Tambeyneftegas, which holds the licence to the Arctic Malo-Yamalskoye field, located on the Yamal Peninsula and holding 161 billion cubic metres (5.7 trillion cubic feet) of natural gas and 14.4 million tonnes of gas condensate.[6] Novatek and Gazprom plan to build a liquefied natural gas plant in Yamalo-Nenets Autonomous Okrug.[7] The third partner will be Total S.A. with a 20% stake.[3] Together with Total S.A., Novatek is developing the Termokarstovoye field in Yamal.[8]

In December 2010, Novatek bought a 51% stake in Sibneftegaz from Gazprombank (Itera) owns 49% of the shares).[9] Sibneftegaz holds licences for exploration and production in the Yamal-Nenets region, including for the Beregovoye field, Pyreinoye field, Zapadno-Zapolyarnoye field, and the Khadyryakhinskiy licence area.[10] Sibneftegaz owns rights to develop oil and gas condensate fields with a total resource of 395.53 bcm of natural gas and 8.44 million tonnes of gas condensate.[11]

In 2011, Novatek was awarded licences to develop the Geofizichenskoye field, Salmanovskoye (Utrenneye) field, Severo-Obskoye field and Vostochno-Tambeiskoye field.[12]

In addition, Novatek has acquired the following companies:

  • SNP Nova - pipeline construction
  • Purneftegasgeologiya - natural gas
  • Tarkosaleneftegas - natural gas
  • Khancheyneftegas - natural gas
  • Yurkharovneftegas - natural gas

References

  1. ↑ Paxton, Robin (2010-03-05). "Timchenko's fund becomes largest Novatek owner". Reuters. Retrieved 2010-07-02. 
  2. ↑ 2.0 2.1 "Novatek sale 'below market price'". Upstream Online (NHST Media Group). 2011-02-10. (subscription required). Retrieved 2011-02-15. 
  3. ↑ 3.0 3.1 "Total to buy Novatek stake for $4bn". Upstream Online (NHST Media Group). 2011-03-02. (subscription required). Retrieved 2011-03-03. 
  4. ↑ "Novatek boosts flow from Arctic field". Upstream Online (NHST Media Group). 2009-10-19. Retrieved 2010-07-02. 
  5. ↑ Zhdannikov, Dmitry (2009-05-27). "Russian oil trade king buys more gas assets". Reuters. Retrieved 2010-07-02. 
  6. ↑ Bachman, Jessica (2010-07-02). "Russia's Novatek acquires new arctic field". Reuters. Retrieved 2010-07-02. 
  7. ↑ Pitt, Anthea (2010-06-21). "Russian duo team up in Yamal". Upstream Online (NHST Media Group). Retrieved 2010-07-02. 
  8. ↑ "Putin nod for Total-Novatek plan". Upstream Online (NHST Media Group). 2009-06-24. Retrieved 2010-07-02. 
  9. ↑ "Novatek offers Sibneftegaz buyback". Upstream Online (NHST Media Group). 2011-01-21. Retrieved 2011-01-23. 
  10. ↑ Begum, Aleya (2010-12-17). "Novatek seals Sibneftegaz stake". Upstream Online (NHST Media Group). Retrieved 2011-01-23. 
  11. ↑ Soldatkin, Vladimir (2010-11-16). "Russia's Novatek to pay $900 mln for Sibneftegaz". Reuters. Retrieved 2011-02-19. 
  12. ↑ "Novatek wins new Yamal licences". Upstream Online (NHST Media Group). 2011-08-30. Retrieved 2011-08-30. 

External links

Russia MSCI Russia companies of Russia (July 30, 2013)
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