Gas Giant Novatek Obtains New License to Tap Russia's North-Gydanskiy Area
Russian gas giant Novatek said on Wednesday that it had won a license via an auction for exploration and production in the North-Gydanskiy subsoil area in Russia's Gydan Peninsula with the reserves estimated at 9.8 billion barrels of oil equivalent
MOSCOW (Pakistan Point News / Sputnik - 24th March, 2021) Russian gas giant Novatek said on Wednesday that it had won a license via an auction for exploration and production in the North-Gydanskiy subsoil area in Russia's Gydan Peninsula with the reserves estimated at 9.8 billion barrels of oil equivalent.
"Arctic LNG 1, a wholly owned subsidiary, won the auction for geological survey, exploration and production license for the North-Gydanskiy subsoil license area located in the Yamal-Nenets Autonomous Region on the Gydan Peninsula and partly in the shallow waters of Gydan Bay of the Kara Sea," Novatek said.
The company paid over 775 million rubles ($10 million) for the license spanning 30 years, according to the statement.
Novatek is the largest independent natural gas producer in Russia. It entered the LNG business in 2017 with the large-scale Yamal project, followed by the Arctic LNG 2 project. The latter is expected to be launched in 2023.