Novatek Finds More Gas in the North

Russian independent producer Novatek has achieved commercial flows of natural gas from the Nyakhartinskiy licence area with a gas condensate mixture well flow rate of more than 300,000 m³/day, it said November 19.

Natural gas and gas condensate reserves will be determined after completion of the well test, with the reserves appraisal materials submitted to the Russian state reserves commission for final confirmation in 2019, Novatek said.

The Nyakhartinskoye field is close to the Company’s Yurkharovskoye field and "represents a very important reserve discovery maintaining Novatek’s production in the area of the unified gas supply system," it said.

In 2016 when it won the Nyarkhartinsky licence in an auction, paying roubles 1.1bn (now $16mn), Novatek said the recoverable resources under the Russian reserve classification methodology amount to 215bn m³ of natural gas and more than 70mn metric tons of liquid hydrocarbons.