Founded in 1994, Novatek is engaged in the exploration, production and processing of natural gas and liquid hydrocarbons. It had 12.4 billion oil equivalent barrels of proven reserves at the end of 2012. 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.