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The North-Urengoyskoye gas condensate field, discovered in 1966, is located 25 km south of the Yurkharovskoye field. The development license for the field is held by ZAO Nortgas. In November 2012, NOVATEK acquired a 49% equity stake in ZAO Nortgas. In June 2013, NOVATEK increased its equity stake in ZAO Nortgas from 49% to 50% as a result of an additional issue of shares.
The North-Urengoyskoye field has proved gross gas reserves of 157.3 bcm of natural gas and 21.1 mmt of liquid hydrocarbons, as estimated under SEC reserves methodology at 31 December 2012. Our share in the proved reserves is 77.1 bcm of natural gas and 10.4 mmt of liquid hydrocarbons. Field reserves are concentrated in two domes – western and eastern. Commercial production started at the western dome in 2001, and at the end of 2012, the field infrastructure included 54 production wells, a gas treatment facility with a 5.3 bcm annual capacity and a booster compressor station with a 20 MW capacity.
During 2012, the field produced 4.2 bcm of natural gas and 426 thousand tons of unstable gas condensate (NOVATEK’s share since acquisition of its equity interest was 0.2 bcm of natural gas and 19 thousand tons of gas condensate). Preparatory work was carried out to start production at the eastern dome of the field, including construction of well pads, drilling of production wells, construction of gas gathering networks and a gas treatment unit. Production launch at the eastern dome will more than double production of natural gas and triple production of gas condensate at the field.