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Novatek finalizes deal to buy 49 percent stake in Nortgas

November 27, 2012, 16:55 UTC+3

Stake was bought from R.E.D.I Holdings. Remaining shares are owned by Russia’s state-run gas giant Gazprom

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MOSCOW, November 27 (Itar-Tass) — Russia’s largest independent natural gas producer Novatek has finalized the deal to buy a 49 percent stake in the gas producer Nortgas for $1.375 billion.

The stake was bought from R.E.D.I Holdings (its beneficiary – businessman Farkhad Akhmedov). The remaining shares are owned by Russia’s state-run gas giant Gazprom.

Nortgas holds the hydrocarbon production license for the Severo-Urengoyskoye field which is located in the Yamal-Nenets autonomous district in close proximity to Novatek’s existing production, transportation and processing infrastructure.

As of December 31, 2011, the proven reserves of Nortgas are estimated at 1.7 billion barrels of oil equivalent.

At the same time the share of liquid hydrocarbons in the total volume of the reserves exceeds 13 percent.

In the first nine months of 2012 the field’s output reached 3.1 billion cubic meters of gas and 320,000 tonnes of deethanized condensate.

The deposits of the Severo-Urengoyskoye field are allocated between the Eastern and Western domes. The industrial production of the Western dome has been underway since 2001. It is expected that the launch of the Eastern dome will increase the field’s gas output more than two-fold and condensate output – three-fold.


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