Novatek

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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 MCXNVTK
LSENVTK
Industry Oil and gas
Founded August 1994; 23 years ago (August 1994)
Headquarters Tarko-Sale, Russia
Key people
Alexander Y. Natalenko (Chairman)
Leonid Mikhelson (CEO)
Products Petroleum
Natural gas
Revenue $8.02 billion[1] (2016)
$4.6 billion[1] (2016)
$3.95 billion[1] (2016)
Total assets $14.4 billion[1] (2016)
Total equity $9.81 billion[1] (2016)
Number of employees
5,997 [2]
Website www.novatek.ru/en/

Novatek (Russian: ОАО «НОВАТЭК», MCXNVTK, LSENVTK) is Russia's largest independent natural gas producer, and the seventh largest publicly traded company globally by natural gas production volume.[2] 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[edit]

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

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.[13]

Ownership[edit]

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%.[14][15][15][16]

US sanctions[edit]

In July 2014, the US Government announced sanctions targeting the Russian energy sector[17] 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[edit]

References[edit]

  1. ^ a b c d e http://www.novatek.ru/common/tool/stat.php?doc=/common/upload/doc/Novatek_FS_ENG_12m2016_FINAL.pdf.
  2. ^ a b "Novatek 2013 Annual Report" (PDF). 
  3. ^ "Novatek boosts flow from Arctic field". Upstream Online. NHST Media Group. 2009-10-19. Retrieved 2010-07-02. 
  4. ^ Zhdannikov, Dmitry (2009-05-27). "Russian oil trade king buys more gas assets". Reuters. Retrieved 2010-07-02. 
  5. ^ Bachman, Jessica (2010-07-02). "Russia's Novatek acquires new arctic field". Reuters. Retrieved 2010-07-02. 
  6. ^ Pitt, Anthea (2010-06-21). "Russian duo team up in Yamal". Upstream Online. NHST Media Group. Retrieved 2010-07-02. 
  7. ^ "Total to buy Novatek stake for $4bn". Upstream Online. NHST Media Group. 2011-03-02. (subscription required). Retrieved 2011-03-03. 
  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. 
  13. ^ "Construction of Sabetta port to start this summer". Barents Observer. 17 April 2013. Retrieved 12 January 2015. 
  14. ^ Paxton, Robin (2010-03-05). "Timchenko's fund becomes largest Novatek owner". Reuters. Retrieved 2010-07-02. 
  15. ^ a b "Novatek sale 'below market price'". Upstream Online. NHST Media Group. 2011-02-10. (subscription required). Retrieved 2011-02-15. 
  16. ^ http://www.novatek.ru/en/press/releases/index.php?id_4=762
  17. ^ http://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20140716.aspx

External links[edit]