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Novatek unit bags 2 license areas in Russia following auction

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Novatek unit bags 2 license areas in Russia following auction

Novatek-Yurkharovneftegas, a subsidiary of PAO Novatek, acquired via auction the geological survey, exploration and production licenses for the East-Ladertoyskiy subsoil area on the Gydan Peninsula and the South-Yamburgskiy subsoil area in the Nadym District of the Yamal-Nenets Autonomous Region in Russia, according to Dec. 17 filings with the London Stock Exchange.

According to the Russian resource classification system, the South-Yamburgskiy License Area is estimated to hold 506 billion cubic meters of gas and 126 million tons of liquid, or 4.3 billion barrels of oil equivalent. The license has a term of 25 years with the auction resulting in a one-time payment of 1.07 billion Russian rubles.

The East-Ladertoyskiy License Area, which also has a term of 25 years, is projected to hold 184 billion cubic meters of gas and 32 million tons of liquids, or 1.5 billion boe, under the Russian resource classification system. The corresponding auction resulted in a one-time payment of 81 million rubles.

Novatek said the license acquisitions are in line with its strategy to expand its resource base on the Yamal and Gydan peninsulas.

As of Dec. 16, US$1 was equivalent to 62.47 Russian rubles.