Novatek increases Kharbeyskoye field reserves estimate

Russia’s largest independent natural gas producer, Novatek, said that following exploration works at the Kharbeyskoye field its natural gas, gas condensate and crude oil reserves increased significantly. 

Upon testing of the exploration well 305, at the Kharbeyskoye field in the Tazovskiy District of the Yamal-Nenets Autonomous region, Novatek discovered significant commercial crude oil reserves.

The company, therefore, increased the field’s hydrocarbon reserves preliminary estimates to 220 billion cubic meters of natural gas and more than 40 million tons of crude oil (recoverable reserves) according to the Russian reserve classification ABC1+C2.

Exploration wells 306 and 307 targeting the Jurassic layers are currently being drilled, and the results of drilling and testing are expected in the nearest future, Novatek said.