Founded in 1994, Novatek is engaged in the exploration, production and processing of natural gas and liquid hydrocarbons. It had 12.5 billion oil-equivalent barrels of proven reserves at the end of 2013. Its upstream activities are concentrated in the 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.