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View Annual Report DELIVERING RESULTS DELIVERING RESULTS Annual Report 2 Annual Report 2016 CONTENTS NOVATEK is one of the largest in- dependent natural gas producers in Russia. NOVATEK’s main 6 46 businesses are the exploration Letter to Shareholders ............... 6 REVIEW OF OPERATING Strategic Priorities.................... 10 RESULTS 46 and production, Key Events processing, trans- and Achievements 2016 .......... 11 Licenses ................................. 46 Key Indicators .......................... 12 Hydrocarbon Reserves ............ 46 portation and mar- Geological Exploration ............ 48 Field Development ................... 48 keting of natural Hydrocarbon Production .......... 49 gas and liquid Yamal LNG Project ................... 50 Processing of Gas hydrocarbons. Condensate ............................. 52 Natural Gas Sales ..................... 53 Liquid Hydrocarbon Sales ....... 53 novatek.ru Delivering Results 3 55 61 71 ENVIRONMENTAL AND MANAGEMENT AND ADDITIONAL SOCIAL RESPONSIBILITY 55 CORPORATE GOVERNANCE 61 INFORMATION 71 Environmental Protection......... 55 Corporate Governance Risk Management System....... 71 Industrial Safety System .................................... 61 Information on Members of and Occupational Health .......... 57 General Meeting NOVATEK’s Board of Directors 76 Human Resources ................... 57 of Shareholders........................ 62 Information on Members Social Policy and Charity .......... 59 Board of Directors ................... 62 of NOVATEK’s Management Board Committees .................. 63 Board ....................................... 80 Management Board ................ 65 Report on Major, and Remuneration to Members of Interested-Party Transactions the Board of Directors and that the Company did in the Management Board ................. 65 Reporting Year .......................... 83 Internal Control and Audit ........ 66 Corporate Governance Share Capital ............................ 67 Code Compliance Report ......... 90 Dividends ................................ 68 Forward–looking Statements ... 108 Information Transparency ........ 69 Terms and Abbreviations ....... 109 Conversion Factors ................ 109 Contact Information ............... 110 4 Annual Report 2016 Our production assets are located in the Yamal-Nenets Autonomous Region of the Russian Federation - one of the largest regions in the world in terms of gas reserves and production volumes. We have a large conventional reserve base with high reserves concentration and high potential of new geological discoveries. Our reserves allow us to maintain stable high growth rates of hydrocarbon production. Ust-Luga Complex Yamal-Nenets Autonomous Region RUSSIA production prospective fields and license areas 1. Yurkharovskoye field 12. South-Tambeyskoye field 26. Geofizicheskiy license area 2. East-Tarkosalinskoye field 13. West-Yurkharovskoye field 27. North-Obskiy license area 3. Khancheyskoye field 14. Raduzhnoye field 28. East-Tambeyskiy license area 4. Olimpiyskiy license area 15. West-Urengoyskiy license 29. North-Tasiyskiy license area 5. Yumantilskiy license area area 30. East-Tazovskoye field 6. Samburgskiy license area 16. North-Yubileynoye field 31. Trekhbugorniy license area 7. North-Urengoyskoye field 17. North-Russkiy license area 32. Nyakhartinskiy license area 8. North-Khancheyskoye field 18. North-Russkoye field 33. Ladertoyskiy license area 9. Yaro-Yakhinskiy license area 19. Dorogovskoye field 34. Nyavuyahskiy license area 10. Termokarstovoye field 20. Ukrainsko-Yubileynoye field 35. West-Solpatinskiy license 11. Yarudeyskoye field 21. Malo-Yamalskoye field area 22. West-Chaselskoye field 36. North-Tanamskiy license area 23. Yevo-Yakhinskoye field 37. Tanamskiy license area 24. North-Chaselskiy license area 38. Kharbeyskoye field 25. Utrenneye field 39. Syadorskiy license area novatek.ru Delivering Results 5 27 29 39 12 28 25 33 37 34 35 Yamal Gydan Рeninsula Рeninsula 36 26 31 32 21 Yamburg 13 1 7 30 17 19 18 38 6 14 16 11 9 Nadym 24 15 23 20 22 10 4 5 8 Purovsky 2 Plant 3 Purovsky Gas Condensate Processing Plant. Key element in the production chain used for gas condensate stabilization. 39Fields and license areas Gas condensate pipelines of NOVATEK. 6 Annual Report 2016 LETTER TO SHAREHOLDERS ALEXANDER NATALENKO LEONID MIKHELSON MARK GYETVAY Chairman of NOVATEK`s Chairman of NOVATEK`s Deputy Chairman of NOVATEK`s Board of Directors Management Board Management Board DELIVERING RESULTS UNDERSCORES OUR VALUE CREATION MODEL TO OUR SHAREHOLDERS. WE REACHED IMPORTANT MILESTONES IN OUR FIRST INTERNATIONAL LNG PROJECT AND CONTINUED DELIVERING POSITIVE OPERATIONAL AND FINANCIAL RESULTS TO OUR SHAREHOLDERS. +37% growth in liquid hydrocarbon production 88 % completion rate on the first LNG train novatek.ru Delivering Results 7 LETTER TO SHAREHOLDERS dear shareholders, WE HAVE REACHED OUR MAIN GOAL FOR 2016 – WE SUCCESSFULLY TWO THOUSAND AND SIXTEEN was another year of sustained growth in our operations and CONCLUDED THE EXTERNAL FINANCING earnings despite the challenging macro-eco- PACKAGE FOR YAMAL LNG, ACHIEVING nomic environment, the cyclicality in global hy- A VERY IMPORTANT MILESTONE FOR drocarbon prices and the high volatility in for- eign exchange rates. We reached important THE PROJECT. milestones in our first international LNG project and continued delivering positive operational and financial results to our shareholders. successful participation of international banks DELIVERING RESULTS underscores our val- and export credit agencies demonstrates the ue creation model to our shareholders. During global significance and world scale nature of the past year, total hydrocarbon production in- the Yamal LNG project. creased by 3% to 537 million barrels of oil We also successfully closed the sale of a equivalent (mmboe), representing nine con- 9.9% equity stake in the Yamal LNG project to secutive years of total hydrocarbon produc- China’s Silk Road Fund and reached the target- tion growth. Driving this growth was the re- ed shareholding structure with 50.1% stake cord level of liquids production of 12.4 million owned by NOVATEK. tons, an increase of 37%, allowing us to fully Significant progress was made in all areas of load our gas condensate processing facilities the project throughout the past year. at Purovsky and Ust-Luga. The Yarudeyskoye We continued our robust drilling at the crude oil field launched in the end of 2015 South-Tambeyskoye field and completed 73 reached its full rated capacity and became the production wells, exceeding the well stock of main source for NOVATEK’s more than three- 58 wells required for the plant’s first LNG train. fold crude oil production growth for the year. The main cryogenic heat exchanger for LNG We experienced a natural decline in our core train #1 was installed into the liquefaction mod- gas production by 2.7%, but the next step for- ule, and the remaining two other main cryogen- ward in growing gas production is expected ic exchanges for LNG trains #2 and #3 were from the Yamal LNG project planned to come delivered to the construction site. All four cry- on stream in 2017. ogenic LNG tanks successfully passed hy- YAMAL LNG REMAINS OUR FLAGSHIP dro-testing, and the sea port ice protection bar- PROJECT. At year-end 2016, construction of rier with the loading pipe rack and two shipping the plant’s first LNG train was approximate- berths were under construction. ly 88% complete, which puts us on track to The first Arc7 ice-class vessel was put on launch the project on schedule in 2017. water and fully equipped in 2016 and by year- We have reached our main goal for 2016 - end the LNG carrier successfully passed sea ac- we successfully concluded the external financ- ceptance tests. ing package for Yamal LNG, achieving a very im- The growth in our liquids production re- portant milestone for the project. We spent a mained the main driver of our financial results significant amount of time ensuring the time- in 2016, as we increased the liquids share in ly completion of the external financing pack- our total production by 4 percentage points to age and, accordingly, did not allow a single 19%. The contribution from our liquid sales had delay in financing and constructing the pro- a strong positive effect on our profitability. Our ject. Loan agreements were signed with the revenues increased by 13.1% to RR 537 bln Russian banks Sberbank and Gazprombank, and our normalized EBITDA increased by 13.2% China Development Bank and the Export- to RR 242 bln. Based on the Company’s finan- Import Bank of China, the Italian bank Intesa cial results, the Board of Directors recommend- Sanpaolo with insurance coverage by the Italian ed to the General Meeting of Shareholders export credit agency SACE and the French ex- to approve dividends for 2016 at RR 13.9 per port credit agency COFACE, and with the Japan share, exceeding the dividend paid out for the Bank for International Cooperation (JBIC). The previous year by 3%. 8 Annual Report 2016 AT YEAR-END 2016, CONSTRUCTION significant oil and gas reserves. We remain OF THE PLANT’S FIRST LNG TRAIN fully committed to our strategy providing for strict cost control and conservative financial WAS APPROXIMATELY 88% COMPLETE, policies while maintaining the highest stand- WHICH PUTS US ON TRACK TO LAUNCH ards of corporate governance and sustaina- THE PROJECT ON SCHEDULE IN 2017. ble development – DELIVERING RESULTS in challenging macro conditions. For the past year, despite low hydrocar - As we delivered growth in our hydrocar- bon
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