Novatek, Gazprom to Jointly Develop Hydrocarbons in Yamal

Novatek has announced the creation of a joint venture, OOO Yamal Development, with OAO Gazprom Neft to jointly develop potential hydrocarbon assets in the Yamal-Nenets Autonomous Region (YNAO), with each entity holding a 50% equity participation interest in OOO Yamal Development. The combined experience of the two companies will enable the joint venture to optimize the development of complex multi-layered fields containing natural gas, gas condensate and crude oil in the YNAO and to ensure the rational management of the Region's resources.

The creation of the joint venture is consistent with Novatek's strategy to increase the Company's production capacity and resource base of natural gas and liquid hydrocarbons.