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Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 4
Company Snapshot 7
Key Information 7
Company Overview 7
Novatek, Valuation and Financial Data 8
Novatek, Share Price Performance 8
Share Price Performance, Q1, 2015-Q1, 2016 8
Novatek, Key Valuation Metrics 9
Key Valuation Metrics, Q1, 2015-Q1, 2016 9
Novatek, Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10
Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11
Novatek, Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12
Novatek, Quarterly Production Trends 13
Novatek, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14
Novatek, Crude Oil Production 15
Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 15
Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 16
Novatek, Natural Gas Production 17
Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 17
Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 18
Novatek, Valuation and Financial Data, 2011-2015 19
Novatek, Share Price Performance, 2011-2015 19
Share Price Performance, 2011-2015 19
Key Valuation Metrics, 2011-2015 20
Novatek, Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 22
Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 24
Crude Oil/Liquids Production and Reserve 25
Crude Oil/Liquids Production and Reserve Trend, 2011-2015 25
Crude Oil Production and Reserves By Country/Region, 2011-2015 26
Crude Oil/Liquids Reserve Changes, 2011-2015 28
Natural Gas Production and Reserve 29
Natural Gas Production and Reserve Trend, 2011-2015 29
Natural Gas Production and Reserves, By Country/Region, 2011-2015 30
Natural Gas Reserve Changes, 2011-2015 32
Total Crude Oil and Natural Gas Reserves Life Index 33
Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 33
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 34
Novatek, E&P Costs Trends 36
Allocation of the Upstream Capital Expenditure 36
Upstream Capital Expenditure, 2011-2015 36
Acquisition Costs By Country/Region, 2011-2015 37
Exploration and Development Costs, By Country/Region, 2011-2015 38
Oil and Gas Cost Per boe, US$/boe 40
Oil and Gas Cost Per boe, US$/boe, 2011-2015 40
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 42
Novatek, Reserve Replacement Ratio 44
Oil and Gas Production Replacement Ratio 44
Oil and Gas Production Replacement Ratio, 2011-2015 44
Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 46
Novatek, Results of Oil & Gas Operations Trend 50
Oil and Gas Revenue and Expenses 50
Oil and Gas Revenue and Expenses, 2011-2015 50
Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 51
Oil and Gas Revenue and Expenses, Per boe 56
Oil and Gas Revenue and Expenses, By boe, 2011-2015 56
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 57
Oil and Gas Performance Metrics 61
Recent Developments 62
Novatek - Recent Developments 62
Jun 30, 2016: NOVATEK Obtains New License Areas On The Gydan Peninsula 62
Jun 29, 2016: Russian Yamal LNG Project Receives First €450m Financing Tranche From Chinese Banks 62
Jun 24, 2016: Vnesheconombank Extends Guarantee As Security For Novatek Company’s Obligation 62
Jun 21, 2016: Results Of NOVATEK’s Extraordinary General Meeting Of Shareholders 63
Jun 17, 2016: NOVATEK And SAIPEM Sign A Strategic Partnership And Cooperation Agreement 63
Jun 17, 2016: NOVATEK And Nuovo Pignone Sign A Strategic Cooperation Agreement 63
Jun 17, 2016: NOVATEK And Leningrad Region Government Sign Cooperation Agreement 64
Jun 17, 2016: Novatek May Book Some Gas From Arctic LNG-2 Project For Spot Trading 64
Jun 16, 2016: NOVATEK And Kostroma Region Administration Sign Cooperation Agreement 65
Jun 16, 2016: NOVATEK And Linde Sign A Strategic Partnership And Cooperation Agreement 65
Appendix 66
Methodology 66
Coverage 66
Secondary Research 66
Primary Research 66
Data Information Sources 67
Company Source 67
SEC/Other Regulatory Filings 67
Other Sources 67
Expert Panel Validation 67
Data Definition 67
Oil and Gas Reserves 67
Units of Measure 68
About GlobalData 68
Disclosure 68
Disclaimer 68
List of Tables
Table 1: Novatek, Key Facts 7
Table 2: Novatek, Share Price Performance, Q1, 2015-Q1, 2016 8
Table 3: Novatek, Key Valuation Metrics, Q1, 2015-Q1, 2016 9
Table 4: Novatek, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10
Table 5: Novatek, Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11
Table 6: Novatek, Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12
Table 7: Novatek, Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13
Table 8: Novatek, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14
Table 9: Novatek, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15
Table 10: Novatek, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16
Table 11: Novatek, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17
Table 12: Novatek, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18
Table 13: Novatek, Share Price Performance, 2011-2015 19
Table 14: Novatek, Key Valuation Metrics, 2011-2015 20
Table 15: Novatek, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21
Table 16: Novatek, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 23
Table 17: Novatek, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 24
Table 18: Novatek, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 25
Table 19: Novatek, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 27
Table 20: Novatek, Crude Oil Reserve Changes, mmbbl, 2011-2015 28
Table 21: Novatek, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 29
Table 22: Novatek, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 31
Table 23: Novatek, Natural Gas Reserve Changes, bcf, 2011-2015 32
Table 24: Novatek, Oil and Gas Reserves Life Index, Years, 2011-2015 33
Table 25: Novatek, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 35
Table 26: Novatek, Upstream Capital Expenditure, US$ mil, 2011-2015 36
Table 27: Novatek, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 37
Table 28: Novatek, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 39
Table 29: Novatek, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 41
Table 30: Novatek, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 43
Table 31: Novatek, Oil and Gas Production Replacement Ratio, %, 2011-2015 44
Table 32: Novatek, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 49
Table 33: Novatek, Revenue and Expenses, US$ mil, 2011-2015 50
Table 34: Novatek, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 55
Table 35: Novatek, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 56
Table 36: Novatek, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 60
Table 37: Novatek, Oil and Gas Performance Metrics, 2011-2015 61
List of Figures
Figure 1: Novatek, Share Price Performance, RUB/Share, Q1, 2015-Q1, 2016 8
Figure 2: Novatek, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9
Figure 3: Novatek, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10
Figure 4: Novatek, Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12
Figure 5: Novatek, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13
Figure 6: Novatek, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14
Figure 7: Novatek, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 15
Figure 8: Novatek, Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 16
Figure 9: Novatek, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 17
Figure 10: Novatek, Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 18
Figure 11: Novatek, Share Price Performance, RUB/Share, 2011-2015 19
Figure 12: Novatek, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 20
Figure 13: Novatek, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 21
Figure 14: Novatek, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 22
Figure 15: Novatek, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 22
Figure 16: Novatek, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 24
Figure 17: Novatek, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 25
Figure 18: Novatek, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 26
Figure 19: Novatek, Oil Production, By Country/Region, mmbbl, 2011-2015 26
Figure 20: Novatek, Crude Oil Reserve Changes, mmbbl, 2015 28
Figure 21: Novatek, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 29
Figure 22: Novatek, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 30
Figure 23: Novatek, Gas Production, By Country/Region, bcf, 2011-2015 30
Figure 24: Novatek, Natural Gas Reserve Changes, bcf, 2015 32
Figure 25: Novatek, Oil and Gas Reserves Life Index, Years, 2011-2015 33
Figure 26: Novatek, Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 34
Figure 27: Novatek, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 34
Figure 28: Novatek, Oil Reserve Life Index, By Country/Region, Ratio, 2011-2015 35
Figure 29: Novatek, Upstream Capital Expenditure, US$ mil, 2011-2015 36
Figure 30: Novatek, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 37
Figure 31: Novatek, Development Costs, By Country/Region, US$ mil, 2011-2015 38
Figure 32: Novatek, Exploration Costs, By Country/Region, US$ mil, 2011-2015 38
Figure 33: Novatek, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 40
Figure 34: Novatek, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42
Figure 35: Novatek, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 42
Figure 36: Novatek, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 43
Figure 37: Novatek, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 44
Figure 38: Novatek, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 46
Figure 39: Novatek, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 46
Figure 40: Novatek, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 47
Figure 41: Novatek, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 47
Figure 42: Novatek, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 48
Figure 43: Novatek, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 48
Figure 44: Novatek, Revenue and Expenses, US$ mil, 2011-2015 50
Figure 45: Novatek, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51
Figure 46: Novatek, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 51
Figure 47: Novatek, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52
Figure 48: Novatek, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 52
Figure 49: Novatek, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 53
Figure 50: Novatek, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 53
Figure 51: Novatek, Production Costs, By Country/Region, US$ mil, 2011-2015 54
Figure 52: Novatek, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54
Figure 53: Novatek, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 56
Figure 54: Novatek, Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 57
Figure 55: Novatek, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 57
Figure 56: Novatek, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 58
Figure 57: Novatek, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 58
Figure 58: Novatek, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 59: Novatek, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 59
Figure 60: Novatek, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 60
Figure 61: Novatek, Oil and Gas Performance Metrics, 2011-2015 61