Press Releases and Events
NOVATEK obtains new license areas on the Gydan peninsula
Moscow, 30 June 2016. OAO NOVATEK (NOVATEK and/or the Company) announced today that its subsidiary OOO NOVATEK-Yurkharovneftegas obtained the right to explore and appraise licenses for the West-Solpatinskiy, North-Tanamskiy and Nyavuyahskiy license areas located in the Yamal-Nenets Autonomous Region in the central part of the Gydan peninsula. The license duration is seven years.
As of 1 January 2016, the recoverable resources for the license areas under the Russian reserve classification methodology aggregate approximately 560 billion cubic meters of natural gas and about 57 million tons of liquid hydrocarbons.
The Chairman of NOVATEK’s Management Board Leonid Mikhelson noted: “We continue to expand our resource base in the Gydan peninsula as an important element in our long-term development strategy. In 2017, we plan to launch the first LNG train at the Yamal LNG project, and we are actively studying the region’s geological potential for implementing future LNG projects”.
PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.