Novatek: Acquires OOO Chernichnoye from JSC Mangazeya

PAO NOVATEK announced today an agreement was concluded to acquire OOO Chernichnoye from Oil Company “Mangazeya” JSC. The transaction is expected to close in early 2018.

OOO Chernichnoye holds the hydrocarbon exploration and production license for the Chernichnoye field located in close proximity to NOVATEK’s infrastructure. The license contains estimated hydrocarbon resources of 179 million barrels of oil equivalent according to the Russian resource classification as of 31 December 2016.

According to NOVATEK’s Chairman of the Management Board, Leonid Mikhelson, “We concluded an agreement to acquire another field which will contribute to the Company’s resource base and future production connected to the Unified Gas Supply System. Our strategy is focused on acquiring new producing fields to load our processing capacities for a longer time period as well as fully utilize our existing transport infrastructure. This will provide additional economic value and growth of the Company’s financial and operational metrics”.