Russia's Novatek gains new LNG licences

Russia's Novatek gains new LNG licences

Aug 28, 2017
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Russia's Novatek has announced that its subsidiaries OOO Arctic LNG-2 and OOO Novatek-Yurkharovneftegas has obtained new domestic license areas in the Yamal and Gydan peninsulas that boosts the firms plans to implement new LNG projects.

The first licence is a 30 year deal for a one-off payment of US$17.7 million by Novatek for a geological survey, exploration and hydrocarbons production license for the subsoil area including the Shtormovoye field.

The license area is located on the Gydan peninsula and is partly offshore in the Gydan and Ob bays in the Kara Sea bordering the Company’s Utrennee field and contains estimated hydrocarbon resources of 7,932 mmboe according to the Russian resource classification.

The second licence invloved Novatek paying $108.6 million for one of the tracts, which is on the Yamal Peninsula, where Novatek is operator of the Yamal LNG development. The licence is for 27 years.


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