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Novatek Seeks Gas Assets in Asia, Africa

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Russia’s largest independent gas producer Novatek intends to buy assets in Africa and the Asia-Pacific region, company head Leonid Mikhelson said on Tuesday.

Russia’s largest independent gas producer Novatek intends to buy assets in Africa and the Asia-Pacific region, company head Leonid Mikhelson said on Tuesday.

The company is primarily interested in projects that do not require major initial investment, and “is watching the market, opportunities and tenders,” he said.

Novatek currently holds a 50 percent stake in a concessional agreement on hydrocarbon geological prospecting and extraction on the El-Arish block in Egypt. The block is on the Mediterranean Sea shelf in the northern Sinai Peninsula.

Novatek has previously said it had suspended work at this bloc due to unfavorable geological data and the political instability in the country.

 

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