Novatek Reaches Natural Gas Production Milestone
Novatek has reached the aggregate production milestone of 200 billion cubic meters (bcm) of natural gas production from its main fields. The Company's milestone was realized primarily due to production from its three core fields, East-Tarkosalinskoye, Khancheyskoye and Yurkharovskoye, which contributed 58.7%, 9.8% and 31.4%, respectively, to the Company's 200 bcm in cumulative natural gas production and account for approximately 99% of Novatek's current production.
It took Novatek eight and a half years, from the inception of natural gas production in 1998, to reach the first cumulative production milestone of 100 bcm in June 2006, whereas the next 100 bcm in cumulative production was accomplished in just over three and a half years.
According to Novatek's CEO, Leonid Mikhelson, "Since inception, we have focused on expanding our resource base and increasing our natural gas production capacity in accordance with the Company's strategic plan, and have continued to invest the necessary capital to organically grow production to meet expected demand. The milestones we have achieved in a relatively short period of time are a direct result of the cumulative efforts of our specialists, our commitment to sustainable business development and our strategy to be the leading independent natural gas producer in Russia and a recognized leader in the global natural gas sector."
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