NOVATEK WINS AUCTIONS FOR TWO LICENSE AREAS IN THE YAMAL PENINSULA
Novatek announced that the Company’s wholly owned subsidiary, Yamal LNG Resource, won the auctions for geological survey, exploration, and production licenses for two subsoil license areas, which includes the Arkticheskoye and Neytinskoye fields on the Yamal Peninsula in the Yamal-Nenets Autonomous Region.
The Arkticheskoye and Neytinskoye fields have combined estimated hydrocarbon reserves of 2.9 billion barrels of oil equivalent (boe), including 413 billion cubic meters (bcm) of natural gas and 28 million tons of liquids, according to the Russian hydrocarbon classification system. The license terms are for 27 years and resulted in cumulative one-time payments for the subsoil use of RR 13,154.85 million.
The new license areas are located in close proximity to Novatek’s existing assets on the Yamal Peninsula and expand the Company’s resource base for implementing LNG projects.
Novatek is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons.
(Source: Novatek – Image: Offloading site in the Gulf of Ob, Yamal Peninsula/Rene B./energy global news)