Russia's two biggest natural gas producers, Gazprom and NOVATEK, have signed a memorandum of cooperation, in compliance with which the two companies consider the possibilities for the creation of joint ventures to raise the capacity of the facilities for the production of liquefied natural gas (LNG) on the Yamal Peninsula and joint development of resources at the Gydan Peninsula, the Gazprom Information Department said in a statement on Tuesday.

In order to increase LNG production on the Yamal Peninsula, Gazprom and NOVATEK will consider the possibility to set up a joint venture in the Tambeyskaya group of deposits, which belongs of the Russian gas state monopoly. Under the initial plans, Gazprom will hold a 75-percent stake, while NOVATEK will get a 25 percent stake in the project, the Information Department of the Russian major natural gas producer said.

While aiming at the development of resources located at the Gydan Peninsula, the two gas producers plan to set up a joint venture on the basis of NOVATEK's Utrenneye (Salmanovskoye) field, the Information Department said. Gazprom and NOVATEK will hold equal shares in the project.

Both companies will do their utmost to draft and adopt a unified comprehensive program for the development of Gydan fields belonging to Gazprom and NOVATEK, the Information Department said. The Yamal LNG production is not subject to the Shtokman LNG project's commissioning deadlines.

The North Tambeyskoye, the West Tambeyskoye and the Tasiyskoye gas fields fall into the Tambeyskaya group of deposits of the Yamal Peninsula and located in a close proximity to the creating infrastructure of the South Tambeyskoye field and Sabetta port, the Information Department said.

Reserves of natural gas of the ABC1+C2 category at the above-mentioned fields are estimated at 1.56 trillion cubic metres, the Gazprom Information Department said. The aforesaid reserves can ensure LNG production of about 20 million tonnes a year.

The Utrenneye (Salmanovskoye) field is located on the Gydan Peninsula. Its reserves of natural gas of the ABC1+C2 category are estimated at 767.1 billion cubic metres, the information Department said.

NOVATEK is Russia's largest independent natural gas producer, and the second-largest in overall production after Russia's gas giant Gazprom. The company is based in the Yamal-Nenets Autonomous Area and maintains its sales office in Moscow.

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