NOVATEK JV’s Obtains North-Yarudeyskiy Subsoil License
Moscow, 16 June 2022. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that Yargeo, NOVATEK’s joint venture, won the auction for geological survey, exploration and production license for the North-Yarudeyskiy subsoil area. For the first time, the Company won an auction held on the electronic platform “ETP GPB”.
The license area is located within the Yamal-Nenets Autonomous Area near Yarudeyskoye field. The North-Yarudeyskiy license area holds an estimated hydrocarbon resource potential of 93.5 million barrels of oil equivalent according to the Russian resource classification system. The license term is 27 years.
PAO 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. Upstream activities of the Company’s subsidiaries and joint ventures 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. NOVATEK is a public joint stock company established under the laws of the Russian Federation.