Press Releases and Events
NOVATEK Obtains the North-Gydanskiy License Area
Moscow, 24 March 2021. PAO NOVATEK (“NOVATEK” and/or the “Company”) announced today that Arctic LNG 1, a wholly owned subsidiary, won the auction for geological survey, exploration and production license for the North-Gydanskiy subsoil license area located in the Yamal-Nenets Autonomous Region on the Gydan Peninsula and partly in the shallow waters of Gydan Bay of the Kara Sea.
The North-Gydanskiy license area has estimated hydrocarbon resources of 9.8 billion barrels of oil equivalent according to the Russian resource classification system. The license term is 30 years and the auction resulted in one-time payment for the subsoil use of RR 775.4 million.
The new license area borders NOVATEK’s existing assets on the Gydan Peninsula and expands the Company’s resource base for implementing new LNG projects.
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.