Published On: Wed, Mar 24th, 2021

NOVATEK secures North-Gydanskiy license area in Russia

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Russian natural gas producer said that its fully-owned subsidiary Arctic LNG 1 has secured the North-Gydanskiy license area in Russia for a one-time payment of RR 775.4 million.

Arctic LNG 1 won the 30-year license through an auction, giving it rights for geological survey, exploration, and production in the subsoil license area.

The license is located in the Autonomous Region on the Gydan Peninsula and partly in the shallow waters of Gydan Bay in the .

NOVATEK secures North-Gydanskiy license area in Russia

NOVATEK secures North-Gydanskiy license area in Russia. Photo courtesy of PAO NOVATEK.

According to the Russian resource classification system, the North-Gydanskiy license area is estimated to hold hydrocarbon resources of 9.8 billion barrels of oil equivalent,

NOVATEK said that the North-Gydanskiy license borders its existing assets on the Gydan Peninsula. It expands NOVATEK’s resource base for executing new LNG projects.

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