Novatek Launches Urengoyskoye Field in Olimpiysky License

Russia’s Novatek announced the launch of the Urengoyskoye field in the Olimpiysky license block, according to a note released on Thursday.

The company expects a production capacity of one billion cubic meters of natural gas per annum. 

‘Four production wells have been completed at the field, of which three wells are already producing natural gas,’ reads the note released by Russia’s second-largest gas producer. 

Earlier this week, the Russian company signed a preliminary agreement with China National Petroleum Corp (CNPC) for a 15-year supply of no less than 3 million tons of LNG a year.