Novatek

Not to be confused with Novatek Inc, a US company that produces synthetic diamonds for the oil and gas industry.

Novatek OAO
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 ₽298.1 million (2013)[1]
Increase₽88.525 million (2013) [1]
Increase₽79.8 million (2013) [1]
Number of employees
 5,997 [1]
Website www.novatek.ru/en/

Novatek (Russian: ОАО «НОВАТЭК», MCX: NVTK, LSE: NVTK) is Russia's largest independent natural gas producer, and the seventh largest publicly traded company globally by natural gas production volume.[1] 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.

Operations

The major gas field owned by Novatek is the Yurkharovskoye field.[2] On 27 May 2009, Novatek bought a 51% stake in Yamal LNG from Volga Resources, which controls the giant South-Tambeyskoye field.[3] 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.[4] Novatek and Gazprom plan to build a liquefied natural gas plant in Yamalo-Nenets Autonomous Okrug.[5] Total S.A. will also be involved as a 20% shareholder.[6] Together with Total S.A., Novatek is developing the Termokarstovoye field in Yamal.[7]

In December 2010, Novatek bought a 51% stake in Sibneftegaz from Gazprombank (Itera owns 49% of the shares).[8] 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.[9] 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.[10]

In 2011, Novatek was awarded licences to develop the Geofizichenskoye field, Salmanovskoye (Utrenneye) field, Severo-Obskoye field and Vostochno-Tambeiskoye field.[11]

In addition, Novatek has acquired the following companies:

Novatek is developing the Sabetta port, in a joint project with the Russian government. This port would allow LNG exports by sea from the Yamal peninsula.[12]

Ownership

Novatek is a public company with shares traded on the London and Moscow stock exchanges. The major shareholders of Novatek are Leonid Michelson, the CEO, with around 28% of the shares, Volga Group with 23% of shares, Total SA with 16% and Gazprom with 9.4%.[13][14][14][15]

US sanctions

In July 2014, the US Government announced sanctions targeting the Russian energy sector[16] in retaliation to the Kremlin's annexation of Crimea. These sanctions target the provision of long-term (over 90 days) debt financing denominated in USD offered to companies with the Russian Energy Sector.

See also

References

  1. 1 2 3 4 5 "Novatek 2013 Annual Report" (PDF).
  2. ↑ "Novatek boosts flow from Arctic field". Upstream Online. NHST Media Group. 2009-10-19. Retrieved 2010-07-02.
  3. ↑ Zhdannikov, Dmitry (2009-05-27). "Russian oil trade king buys more gas assets". Reuters. Retrieved 2010-07-02.
  4. ↑ Bachman, Jessica (2010-07-02). "Russia's Novatek acquires new arctic field". Reuters. Retrieved 2010-07-02.
  5. ↑ Pitt, Anthea (2010-06-21). "Russian duo team up in Yamal". Upstream Online. NHST Media Group. Retrieved 2010-07-02.
  6. ↑ "Total to buy Novatek stake for $4bn". Upstream Online. NHST Media Group. 2011-03-02. (subscription required). Retrieved 2011-03-03.
  7. ↑ "Putin nod for Total-Novatek plan". Upstream Online. NHST Media Group. 2009-06-24. Retrieved 2010-07-02.
  8. ↑ "Novatek offers Sibneftegaz buyback". Upstream Online. NHST Media Group. 2011-01-21. Retrieved 2011-01-23.
  9. ↑ Begum, Aleya (2010-12-17). "Novatek seals Sibneftegaz stake". Upstream Online. NHST Media Group. Retrieved 2011-01-23.
  10. ↑ Soldatkin, Vladimir (2010-11-16). "Russia's Novatek to pay $900 mln for Sibneftegaz". Reuters. Retrieved 2011-02-19.
  11. ↑ "Novatek wins new Yamal licences". Upstream Online. NHST Media Group. 2011-08-30. Retrieved 2011-08-30.
  12. ↑ "Construction of Sabetta port to start this summer". Barents Observer. 17 April 2013. Retrieved 12 January 2015.
  13. ↑ Paxton, Robin (2010-03-05). "Timchenko's fund becomes largest Novatek owner". Reuters. Retrieved 2010-07-02.
  14. 1 2 "Novatek sale 'below market price'". Upstream Online. NHST Media Group. 2011-02-10. (subscription required). Retrieved 2011-02-15.
  15. ↑ http://www.novatek.ru/en/press/releases/index.php?id_4=762
  16. ↑ http://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20140716.aspx
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