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.