Russian Novatek Extends Yamal Reserves

Russia's biggest gas producer Novatek has "significantly" extended its reserves of natural gas, gas condensate and crude oil as a result of work done this year at its Kharbeyskoye field in the Tazovskiy section of the Yamal-Nenets autonomous region.

It did not provide the earlier data, but said November 3 that exploration well 305 yielded oil with an initial flow rate of 90 m³/day on a 10 mm choke, "thereby confirming the existence of significant commercial crude oil reserves. As a result of the exploration works, the field’s hydrocarbon reserves are preliminary estimated at 220bn m³ of natural gas and more than 40mn metric tons of crude oil (recoverable reserves) according to the Russian reserve classification ABC1+C2," – which does not consider the economics of production.

Exploration wells 306 and 307 targeting the Jurassic layers are being drilled, and the results are expected in the nearest future, it said. Novatek is building an LNG export terminal on the Yamal Peninsula, a long way to the north of Kharbeyskoe.

William Powell