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Novatek wins auction for Arkticheskoye and Neytinskoye fields on the Yamal Peninsula

According to Novatek, natural gas will remain the focus of its business for the long term as it sees gas taking an increasing share in the primary global energy mix

Novatek wins auction for Arkticheskoye and Neytinskoye fields on the Yamal Peninsula

Source: Courtesy of Novatek

Moscow, September 8 - Neftegaz.RU. NOVATEK announced today that the company’s wholly owned subsidiary, Yamal LNG Resource, won the auctions for geological survey, exploration, and production licenses for 2 subsoil license areas, which includes the Arkticheskoye and Neytinskoye fields on the Yamal Peninsula in the Yamal-Nenets Autonomous Region.

The Arkticheskoye and Neytinskoye fields have combined estimated hydrocarbon reserves of 2.9 billion barrels of oil equivalent (boe), including 413 billion m3 of natural gas and 28 million tons of liquids, according to the Russian hydrocarbon classification system.

The license terms are for 27 years and resulted in cumulative one-time payments for the subsoil use of $180 million.
The new license areas are located in close proximity to NOVATEK’s existing assets on the Yamal Peninsula and expand the company’s resource base for implementing LNG projects.

Novatek is Russia’s largest private natural gas extractor and LNG producer.
It has a top asset - the Yamal LNG production facility.
The giant is also going ahead with the construction of Arctic LNG 2, its 2nd Yamal plants.

To read the news in Russian

Source : Neftegaz.RU


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