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.

Most Popular

US FERC issues draft supplemental EIS for Venture Global’s CP2 LNG project

The US Federal Energy Regulatory Commission (FERC) has released a supplemental environmental impact statement for Venture Global LNG's proposed CP2 LNG project in Louisiana. The regulator said there would be no significant cumulative air quality impacts from the project.

BP chief expects ruling on Venture Global dispute later this year

BP's CEO Murray Auchincloss expects a ruling on an arbitration dispute with US LNG exporter Venture Global LNG to be delivered in the second half of this year.

Golar sells its last LNG carrier

Golar LNG has agreed to sell the last liquefied natural gas carrier in its fleet, completing its transition into a focused FLNG infrastructure firm.

More News Like This

Novatek’s 2024 profit climbs to $5.19 billion

Russian LNG producer Novatek said its net profit rose to about $5.19 billion in 2024.

Novatek’s gas sales drop in 2024

Novatek said in its preliminary report issued on Thursday that the company’s natural gas sales reached 77.76 bcm in...

US sanctions two Russian LNG terminal operators

The Department of State announced on Friday that the US is sanctioning major targets in Russia’s energy sector, imposing...

Russian LNG production slightly down in November

Rosstat’s data show that the country’s LNG terminals produced about 3 million mt in November, down 0.4 percent compared...