Novatek secures another Gydan Peninsula exploration licence

first_imgYamal LNG project (Image courtesy of Novatek)Russia’s Novatek, the developer of the giant Yamal LNG project, has obtained the right to explore a new area on the Gydan Peninsula in the Arctic.Novatek’s unit Arctic LNG-1 won the bid for a geological survey, exploration and hydrocarbons production license for the Gydanskiy subsoil area for a term of 27 years.The company said in a statement on Friday it made a one-time payment of 2.26 billion rubles ($39.7m) for the subsoil use.Novatek 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.The Gydanskiy license area is located in close proximity to Utrenneye field, the field that would serve as the resource base for Novatek’s second LNG project, Arctic LNG-2.This new license area expands Novatek’s reserve base on the Gydan Peninsula as well as allowing the company to consider significant new long-term LNG projects, it said in the statement.The license area contains about 4,740 mmboe of hydrocarbon resources, Novatek added.last_img read more