Press Releases and Events
NOVATEK Registered License for Bukharinskiy License Area
Moscow, 28 April 2020. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that Arctic LNG 1, a wholly owned subsidiary, registered license number SLH 16637 NR for geological survey, exploration and production at the Bukharinskiy subsoil license area on the Gydan Peninsula. The license area partially located in the shallow waters of the Ob and Taz bays in the Yamal-Nenets Autonomous Region (YNAO), and is obtained for a period up to 2050. The license terms stipulates that the resource base should be used for LNG production at gas liquefaction facilities located in the YNAO and the adjacent water area.
The license area is located in close proximity to the Geofizicheskiy and Trekhbugorniy license areas and the Soletsko-Khanaveyskoye field. Arctic LNG 1, NOVATEK’s next large-scale LNG project, holds these license areas. The Bukharinskiy license area has estimated hydrocarbon resources of 1,190 billion cubic meters of natural gas and 74 million tons of liquids, or 8.4 billion barrels of oil equivalent, according to the Russian resource classification system.
The Company intends to begin full-scale geological and geophysical activities and commence the drilling of the first exploratory well in the upcoming exploration 2020/2021 season.
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.