NOVATEK Launches Crude Oil Production at the Yaro-Yakhinskoye field
Moscow. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today the launch of commercial production of crude oil at the Yaro-Yakhinskoye field developed by Arcticgas, a joint venture between NOVATEK and Gazprom Neft. The field’s crude oil production capacity is estimated at 1.2 million tons per annum.
To start crude oil production, oil and gas gathering systems, central oil treatment facility, as well as an external crude oil pipeline 57 km long with oil delivery point have been constructed. Twenty-two production wells have been currently drilled at the crude oil part of the field, and production drilling is underway.
“The launch of the crude oil program at Arctigas’ Yaro-Yakhinskoye field will make a significant contribution to the Company's liquids production growth.” noted NOVATEK’s Chairman of the Management Board Leonid Mikhelson. “We managed to complete construction in a short time fully using the existing infrastructure”.