Press Releases and Events
NOVATEK Obtains New License Areas in Yamal and Gydan
Moscow, 25 August, 2017. PAO NOVATEK (“NOVATEK” and/or the “Company”) announces that its subsidiaries OOO Arctic LNG-2 and OOO NOVATEK-Yurkharovneftegas obtained new license areas in the Yamal and Gydan peninsulas, which significantly expands the Company’s resource base for implementing new LNG projects.
OOO Arctic LNG-2 won the bid for a geological survey, exploration and hydrocarbons production license for the subsoil area including the Shtormovoye field. The license area is located on the Gydan peninsula and is partly offshore in the Gydan and Ob bays in the Kara Sea bordering the Company’s Utrennee field and contains estimated hydrocarbon resources of 7,932 mmboe according to the Russian resource classification. The license term is 30 years and the auction resulted in a one-time payment for the subsoil use in the amount of 1,040 million rubles.
OOO NOVATEK-Yurkharovneftegas won the bid for a geological survey, exploration and hydrocarbons production license for the subsoil area including the Verhnetiuteyskoye and the West-Seyakhinskoye fields. The license area is located on the Yamal peninsula in close proximity to the South-Tambeyskoye field, and contains estimated hydrocarbon resources of 8,747 mmboe according to the Russian resource classification. The license term is 27 years and the auction resulted in a one-time payment for the subsoil use in the amount of 6,425 million rubles.
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.