Yamal Development (a 50/50 Joint Venture between OAO Gazprom Neft and OAO NOVATEK) signed a binding agreement with the Italian energy company, Eni on acquiring a 60% equity stake in Artic Russia B.V., which owns 49% of the SeverEnergia Joint Venture. The value of the transaction is USD 2,940 million.

The transaction is subject to receipt of necessary approvals. Following completion of the transaction, the effective share of Yamal Development in SeverEnergia will increase to 80.4%.

About SeverEnergia

SeverEnergia holds development and production licenses for the Samburgskiy, Yevo-Yakhinskiy, Yaro-Yakhinskiy and North-Chaselskiy license areas. As at 1 January 2013, the recoverable reserves of SeverEnergia under the ABC1+C2 categories of the Russian reserve classification were estimated at 1.35 trillion cubic meters of natural gas and 699 million tons of liquid hydrocarbons.

About ENI

Eni is an integrated company that operates across the entire energy chain, employing some 78,000 people in 90 countries around the world. Scientific research and technological innovation are at the heart of its strategies for sustainable development.

About Novatek

OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».

About Gazprom Neft

Gazprom Neft is a vertically integrated oil company primarily engaged in oil & gas exploration and production (E&P), the sale and distribution of crude oil, and the production and sale of petroleum products.

The company’s proven SPE (PRMS) hydrocarbon reserves exceed 1.2 billion tonnes of oil equivalent (toe), placing it among the world’s 20 largest oil companies.

The company operates in many of Russia’s prominent oil and gas regions including Khanty-Mansiysk (Yugra), Omsk, Orenburg, Tomsk, and Yamalo-Nenets. Gazprom Neft’s major refining facilities are located in Moscow, Omsk, and Yaroslavl, and it also has refineries in Serbia. Apart from its upstream activities in Russia, the company is involved in international E&P, including projects in Iraq and Venezuela.