Russia’s Novatek wins new Yamal licenses

Russian LNG producer Novatek has secured 27-year exploration and production licenses for two areas near its existing assets on the Yamal peninsula.

Novatek said in a statement on Wednesday its unit Yamal LNG Resource won
the licenses for the Arkticheskoye and Neytinskoye fields.

The firm said the fields have combined estimated hydrocarbon reserves of
2.9 billion barrels of oil equivalent (boe).

This includes 413 billion cubic meters (bcm) of natural gas and 28 million tons of liquids, according to the Russian hydrocarbon classification system.

Also, the license terms resulted in cumulative one-time payments for the subsoil use of 13.15 billion rubles ($179.1 million), Novatek said.

The new license areas are located in close proximity to Novatek’s existing assets on the
Yamal Peninsula and expand the company’s resource base for implementing LNG projects, the firm added.

Novatek operates the giant Yamal LNG project but it is also moving forward with the construction of its second export project in the Arctic, Arctic LNG 2.

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