Russia's largest independent gas and LNG producer; core Yamal LNG (16.5 mtpa) operational, flagship Arctic LNG 2 idled under US sanctions with offtake and shuttle-tanker logistics blocked. Very low leverage and low-cost Arctic resource, but Western sanctions make the equity and assets uninvestable for Western buyers.
Sanctioned; Arctic LNG 2 stalled; figures estimated.
Its EV/EBITDA of 4.0x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 11.1% is higher than the 6.5% median, and at $2.30/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Novatek scores 57/100, strongest on valuation (85/100). Sub-scores: value 85, quality 68, growth 55, risk 93 (higher = riskier). Note: sanctioned / uninvestable for Western acquirers — shown for completeness only.
Novatek holds approximately 16.5 billion boe of proved (1P) reserves with FY2025 production of about 1,800 thousand boe/d (15% liquids), a reserve life of roughly 25.1 years. Break-even: ~$3/MMBtu (LNG breakeven) — low-cost Arctic gas but sanctioned offtake/logistics
For Novatek, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Russia | 100% | 92 | Sanctions, expropriation, export bans, war; effectively uninvestable. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Asset | Country | Type | note |
| Yamal LNG (50.1%) | Russia | LNG | 16.5 mtpa, operational; core cash engine; offtake/logistics sanctions risk |
| Arctic LNG 2 (60%) | Russia | LNG | 19.8 mtpa planned; US-sanctioned, offtake blocked, trains idled/stalled |
| Ob LNG (Obsky) | Russia | LNG | ~5-6 mtpa planned; delayed under sanctions |
| Murmansk LNG | Russia | LNG | ~20 mtpa proposed (pipeline-fed); early-stage, uncertain |
| Cryogas-Vysotsk | Russia | LNG | small-scale Baltic LNG plant, operational |
| Yurkharovskoye field | Russia | Gas | core upstream gas-condensate field (Yamal-Nenets) |
| Termokarstovoye (JV) | Russia | Gas | gas-condensate JV; domestic supply |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 1650 | 1740 | 1760 | 1780 | 1800 |
| Proved reserves (bnboe) | 16.40 | 16.40 | 16.60 | 16.30 | 16.50 |
| Revenue ($bn) | 9.5 | 14.0 | 15.5 | 15.0 | 15.0 |
| EBITDA ($bn) | 5.0 | 8.0 | 10.0 | 9.0 | 9.5 |
| Net income ($bn) | 1.0 | 5.7 | 9.0 | 6.0 | 6.0 |
| Free cash flow ($bn) | 3.0 | 5.0 | 6.0 | 4.0 | 4.0 |
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Primary: Novatek FY2025 annual report / results release and investor disclosures; market data via public providers (~mid-2026). Figures are best-estimates pending source verification.
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