Novatek announced plans to join Terneftegaz to its subsidiary

“Novatek” plans to merge Terneftegaz, which was previously a joint venture with TotalEnergies, to its subsidiary Novatek-Tarkosaleneftegaz, transmits Interfax.

It is specified that at the end of 2021, the production volume of Novatek-Tarkosaleneftegaz amounted to 16.6 billion cubic meters of gas and 2.2 million tons of liquid hydrocarbons, while Terneftegaz had 2.6 billion cubic meters of gas and 754,000 tons liquid hydrocarbons.

In late August “Novatek» consolidated owns 100% of the shares of Terneftegaz after the French TotalEnergies announced its decision to withdraw from the joint venture. On August 26, the companies signed a contract for the sale of a 49% stake in Terneftegaz. The deal was supposed to close in September 2022 September 5, 2022 Russian President Vladimir Putin signed order, according to which he allowed Novatek Moscow Region LLC to acquire a stake in Terneftegaz.

The parties agreed to develop Terneftegaz in June 2009. This was their first joint venture. In 2015, Terneftegaz began production at the Termokarstovoye gas condensate field located in the Yamalo-Nenets Autonomous Okrug (YaNAO).