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Gazprom and Novatek Sign Co-Operation Agreement for Yamal LNG

Gazprom and NOVATEK have signed a Memorandum of Cooperation, according to which they address possible establishment of joint ventures to build up integrated capacities on liquefied natural gas (LNG) production on theYamal Peninsula and joint development of the available resource base on the Gydan Peninsula.

Gazprom and NOVATEK address possible establishment of joint ventures to build up integrated capacities on liquefied natural gas production on Yamal Peninsula and joint development of available resource base on Gydan Peninsula

Field Pre-Development Scheme for the Ob & Taz Bays

For the purpose of increasing LNG production on the Yamal Peninsula the Parties will consider a possibility to set up a joint venture based on the resources of the Tambey group of fields owned by Gazprom, with stakes to be provisionally distributed among the participants in the following way: Gazprom – 75 per cent, NOVATEK – 25 per cent.

In order to further develop the available assets on the Gydan Peninsula the Parties are going to set up a joint venture based on NOVATEK-owned Utrenneye (Salmanovskoye) field with the following shareholding structure: Gazprom – 50 per cent, NOVATEK – 50 per cent. Gazprom and NOVATEK will seek to develop and approve an integral development program for the fields they own on the Gydan Peninsula.

LNG production on the Yamal Peninsula is not related to the Shtokman LNG project commissioning deadlines.

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