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Novatek won the auction for the North-Gydanskiy subsoil license area on the Gydan Peninsula

Novatek has since 2019 had permission for gas extraction from a major part of the peninsula

Novatek won the auction for the North-Gydanskiy subsoil license area on the Gydan Peninsula

Moscow, March 24 - Neftegaz.RU. Novatek announced today that Arctic LNG 1, a wholly owned subsidiary, won the auction for geological survey, exploration & 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 RUB 775.4 million.

In 2017 the company already won the bid for the Gydanskiy subsoil area for a term of 27 years.
The auction resulted in a one-time payment for the subsoil use in the amount of RUB 2,262 million.

Novatek already owns significant resources on the Gydan peninsula including the Utrenneye, Geofizicheskoye and Ladertoyskoye fields, as well as the Trehbugorniy, Nyavuyahskiy, West-Solpatinskiy, Tanamskiy and North-Tanamskiy license areas.

The Gydanskiy license area is located in close proximity to Utrenneye field, the field that will serve as the resource base for Arctic LNG-2 project.
This new license area expands the company’s reserve base on the Gydan peninsula as well as allowing the company to consider significant new long-term LNG projects.

To read the full story in Russian.

Source : Neftegaz.RU


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