Joint venture of Novatek Igor Yusufov’s structure starts production at Yarudeyskoye field

Joint venture of Novatek and structures of the former Energy Minister Igor Yusufov Yargeo has started launched production at the Yarudeyskoye field - the first purely oil asset of Novatek. From 2016, Yargeo is going to produce 3.5 million tons of oil, which will increase oil production of Novatek by 40%. Experts believe that even with the fall in the oil price the launch of the Yarudeyskoye deposit will improve the performances of the company and diversify its business.

The joint venture of Novatek and Nefte Petroleum Limited (controlled by the Fund "Energy" of Igor Yusufov) Yargeo has launched commercial production at the Yarudeyskoye oil field. This is the first purely oil asset of Novatek, and, as its co-owner and CEO Leonid Michelson noted, this launch "will allow Novatek to maintain double-digit paces of the production growth in 2016 and will have a positive impact on free cash flow". 350 km pipe to the Zapolyarie – Purpe oil pipeline is from the Yarudeyskoye field, via which oil can be exported to the West.