NOVATEK announced today the launch of the fourth stage of Phase Two development at the Company’s Yurkharovskoye field, which allows achieving design production capacity of the field.
The fourth stage complex includes two gas treatment trains with total annual capacity of seven (7) billion cubic meters (bcm). Their launch allows increasing natural gas production at the field to a plateau level of 36.5 bcm per annum.The Company is also finalizing commissioning tests at the first stage of compressor booster station, which includes three compressor units with total capacity of 75 MW. The booster compression station is required to keep plateau production level at the Yurkharovskoye field. According to NOVATEK’s CEO, Leonid Mikhelson, “The fourth stage was launched on schedule and we intend to apply the successful development experience of the Yurkharovskoye field to our new projects, such as SeverEnergia and Yamal LNG”. Note: The Yurkharovskoye field is located within the Polar Circle southeast of the Tazovsky peninsula. The field is licensed to our wholly owned subsidiary OOO NOVATEK-YURKHAROVNEFTEGAS, and has been producing natural gas and gas condensate since 2003. The field’s proven (SEC) reserves at 31 December 2011 amount to 445.6 bcm of natural gas and 24.2 million tons of liquid hydrocarbons. In the first nine months of 2012, the field produced approximately 24.6 bcm of natural gas and two (2) million tons of unstable gas condensate.