REG-OAO Novatek NOVATEK and TOTAL to establish joint venture

MOSCOW--(Business Wire)--

NOVATEK AND TOTAL TO ESTABLISH JOINT VENTURE

OAO NOVATEK ("NOVATEK") and Total SA ("Total"), today have signed a Heads of
Agreement (the "Agreement") establishing the framework for joint cooperation in
exploring and developing NOVATEK`s Termokarstovoye gas condensate field (the
"Project"). The Agreement was signed by Leonid Mikhelson, Chief Executive
Officer of NOVATEK, and Christophe de Margerie, Chief Executive Officer of
Total, during a recent meeting in Moscow.

The Agreement provides for the establishment of a joint venture through the
acquisition, by Total, of a 49% participation interest in Terneftegas LLC, a
wholly-owned subsidiary of NOVATEK and holder of the license for geological
exploration and production of gas and gas condensate at the Termokarstovoye
field. Under the terms and conditions of the Agreement, the joint venture has
two years to complete exploration works and prepare a field development plan,
with a final investment decision to proceed forward with the Project taken in
2011.

The closing date for the transaction is subject to the final approval obtained
from the Federal Anti-Monopoly Service.

According to NOVATEK`s CEO, Leonid Mikhelson, "We welcome Total`s participation
in the Project. Their technological capabilities will complement our experience
developing complex geological assets and facilitate the effective development of
the remote Termokarstovoye field".

Note: The Termokarstovoye gas condensate field was discovered in 1986 and is
located in the Krasnoselkup district of the Yamal-Nenets Autonomous Region
approximately 250 kilometers to the east of Tarko-Sale. The field`s reserves
according to the Russian ABC1+C2 classification amount to 47.3 bcm of natural
gas and 10.3 mmt of liquids.

***

For further information, please visit www.novatek.ru or contact:

Press Service Investor Relations
+7 (495) 721 2207 +7 (495) 730 6020
press@novatek.ru IR@novatek.ru

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 Region, which is the world's largest natural gas producing area and
accounts for over 90% of Russia's natural gas production and 20% 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 on the Russian
Trading System (RTS) and the London Stock Exchange (LSE) under the ticker symbol
`NVTK` and on the NASDAQ PORTAL System as Rule 144A GDR under the ticker symbol
"NVATY".

OAO Novatek

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