The history of NOVATEK started in August 1994, when AOOT FIK Novafininvest was established (the name was changed to OAO NOVATEK later). The new Company focused on oil and gas assets development from the very beginning.
We acquired the exploration and production licenses in the YNAO (East-Tarkosalinskoye, Khancheyskoye and Yurkharovskoye fields) and made significant investments in the fields development and surface facilities construction. The trial operation of the East-Tarkosalinskoye oil field commenced in 1996 and commercial production of natural gas started in 1998. Gas marketing development commenced in 2002 with first natural gas sales to end-customers.
We completed the consolidation of NOVATEK’s main assets in 2004 and disposed the non-core businesses - in 2005 in order to focus on our core assets.
Our Purosky Condensate Processing Plant was commissioned the same year becoming the most important element of the vertically integrated production chain of the Company and the Company’s IPO was conducted on the London stock exchange and Russia’s MICEX stock exchange.
With over 25 bcm production per annum NOVATEK was the largest independent producer in Russia as earlier as 2005 and retained its market position afterwards.
The Company’s production volumes and asset portfolio grew rapidly in the subsequent years. NOVATEK acquired stakes in Sibneftegas, SeverEnergia, Nortgas and Yamal LNG, as well as new licenses including prospective areas in the Gydan Peninsula and the Gulf of Ob.
NOVATEK launched a large-scale project on LNG plant construction (Yamal LNG) which will enable the Company to enter the international gas market.
We continued the development of the vertically integrated production chain with the launch of Ust-Luga complex in 2013.