Russia’s Novatek buys Chernichnoye field

For illustration purposes only (Image courtesy of Novatek)

Russia’s largest independent gas producer and LNG developer, Novatek signed a deal to acquire OOO Chernichnoye from Oil Company “Mangazeya” JSC.

OOO Chernichnoye holds the hydrocarbon exploration and production license for the Chernichnoye field located in close proximity to Novatek’s infrastructure, the company said in a statement.

The license contains estimated hydrocarbon resources of 179 million barrels of oil equivalent.

“We concluded an agreement to acquire another field which will contribute to the company’s resource base and future production connected to the unified gas supply system,” said Leonid Mikhelson, chief executive and co-owner of Novatek.

“Our strategy is focused on acquiring new producing fields to load our processing capacities for a longer time period as well as fully utilize our existing transport infrastructure,” added Mikhelson.

The transaction is expected to close in early 2018.

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