Source - SMW
NOVATEK has announced that its subsidiary, OOO Arctic LNG-1, has won the bid for a geological survey, exploration and hydrocarbons production license for the Gydanskiy subsoil area for the next 27 years.

The auction resulted in a one-time payment for the subsoil use of 2,262m rubles.

The Company 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.

It said 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.

NOVATEK added that the new license area expands its reserve base on the Gydan peninsula as well as allowing the Company to consider significant new long-term LNG projects. The license area's resources according to the Russian classification are 4,740 mmboe of hydrocarbons.