NOVATEK announced 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.
