Novatek Acquires Oil-And-Gas Company Severneft-Urengoy From EuroChem

Novatek (NVTK.LN) said Thursday that it has acquired oil-and-gas operator Severneft-Urengoy and its associated hydrocarbon exploration and production licenses from EuroChem Mineral & Chemical Co. for an undisclosed amount.

The Russia-based natural gas producer said the acquisition includes the West-Yaroyakhinskiy license area, close to its existing operations. The license contains estimated hydrocarbon resources of 918 million barrels of oil equivalent, the company said.

Chairman Leonid Mikhelson said the acquisition will make an immediate contribution to Novatek's gas and liquids production, with synergies to be achieved from processing the resources at its existing facilities.

London-listed shares are down $0.20, or 0.2%, at $117.80 at 1252 GMT.

Write to Adam Clark at; @AdamDowJones

(END) Dow Jones Newswires

November 23, 2017 08:19 ET (13:19 GMT)