Novatek wins North-Gydanskiy license

March 24, 2021
A subsidiary of Novatek, has won an auction for geological survey, exploration, and production license for the North-Gydanskiy subsoil area in Russia's Yamal-Nenets Autonomous Region.

Arctic LNG 1, a subsidiary of Novatek, Moscow, has won an auction for geological survey, exploration, and production license for the North-Gydanskiy subsoil area in Russia’s 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 boe, according to the Russian resource classification system. The license term is 30 years and the auction resulted in one-time payment of 775.4 million rubles.

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, the company said.