OREANDA-NEWS. Gazprom Neft has assumed trust management of a 50% holding CJSC Nortgaz. The share holding is owned by Gazprom Group. Gazprom Neft will remain as trust manager until it receives ownership of the shares.

Under the agreement, Gazprom Neft will manage the 50% stake in the interests of its owner. At present Gazprom Neft and NOVATEK have equal representation on the Board of Directors of Nortgaz. Denis Sugaipov, the Head of Major Projects at Gazprom Neft, is the Chairman of the Board of Nortgaz.

CJSC Nortgaz is a 50-50 joint venture between Gazprom and OJSC NOVATEK.

Proven reserves to SEC standards at the North Urengoy field at the end of 2012 were 157.3 billion cubic meters of gas and 21.1 million tons of liquid hydrocarbons. Hydrocarbon deposits at the North Urengoy field are concentrated in two structures, the Western Dome and the Eastern Dome. The Western Dome has been in commercial production since 2001. The Eastern Dome came into production in 2013.

Nortgaz produced more than 4.8 billion cubic meters of gas and about 590,000 tons of unstable gas condensate at the North Urengoy field in 2013. Gas condensate from the field is sent for processing to the Purovsky Gas Condensate Processing Plant, and gas is fed into the trunk gas pipeline system.