Russian natural gas producer NOVATEK said that its fully-owned subsidiary Arctic LNG 1 has secured the North-Gydanskiy license area in Russia for a one-time payment of RR 775.4 million.

Arctic LNG 1 won the 30-year license through an auction, giving it rights for geological survey, exploration, and production in the subsoil license area.

The license is located in the Yamal-Nenets Autonomous Region on the Gydan Peninsula and partly in the shallow waters of Gydan Bay in the Kara Sea.

According to the Russian resource classification system, the North-Gydanskiy license area is estimated to hold hydrocarbon resources of 9.8 billion barrels of oil equivalent,

NOVATEK said that the North-Gydanskiy license borders its existing assets on the Gydan Peninsula. It expands NOVATEK’s resource base for executing new LNG projects.

  Arctic LNG 1, Gydan Bay, Gydan Peninsula, Kara Sea, North-Gydanskiy license, Novatek, Oil and gas industry news, Oil and gas news, Russia