OAO NOVATEK, Moscow, has reported that it has executed a call option agreement for the right to purchase the remaining 25.1% stake in Yamal LNG for US $526 million which is valid until July 1, 2012. The company paid $15 million for the call option, which is included in the option price.

NOVATEK currently owns a 51% stake in Yamal LNG as well as a call option for a 23.9% stake executed at an earlier date.

The Yamal LNG Project includes the construction of production, storage and loading facilities for liquefied natural gas (LNG) based on the hydrocarbon resources of the South-Tambeyskoye field.

As of Dec. 31, 2010, the South-Tambeyskoye field’s proved reserves appraised under the SEC reserve methodology totaled 418 billion cubic meters of natural gas and 15 million tons of gas condensate, while the field’s proved plus probable reserves appraised in accordance with the PRMS reserve methodology totaled 802 billion cubic meters of natural gas and 31 million tons of gas condensate.

The project calls for the construction of a 15 million ton per annum LNG plant and production capacity for up to one million tons of gas condensate per annum. The launch of the first of three trains of the LNG plant is scheduled for 2016.