December 19, 2019

PAO Novatek announced hat NovatekYurkharovneftegas, a wholly owned subsidiary, won the auction for geological survey, exploration and production license for the South-Yamburgskiy subsoil area located in the Nadym District of the Yamal-Nenets Autonomous Region in close proximity to the North-Urengoyskoye field of NOVATEK’s joint venture Nortgas.
The license area has estimated hydrocarbon resources of 506 billion cubic meters of natural gas and 126 million tons of liquids, or 4.3 billion barrels of oil equivalent, according to the Russian resource classification system. The license term is 25 years and the auction resulted in one-time payment for the subsoil use of RR 1,066 million.
Novatek, headquartered in Moscow, is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project.
The Company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production.
(Source: Novatek – Image: idle derrick in the Nadym District/Rne Pierre/EGN)