PAO Novatek said Oct. 10 that subsidiary Arctic LNG 3 discovered a new natural gas and condensate field following tests at its first exploration well in the North-Obskiy license area in Ob Bay in Russia.
Under the Russian reserve classification, the field's reserves were estimated at more than 320 billion cubic meters of natural gas, while its total resources in the drilled well area were projected at more than 900 billion cubic meters. Novatek will submit the estimates to the Russian State Reserves commission for confirmation in November.
"The discovery of significant hydrocarbon reserves at the North-Obskoye field is an important starting point for one of our future LNG projects in the Arctic region," Novatek Chairman of the Management Board Leonid Mikhelson said. "The favorable geographical location of the field, its huge resource base and our accumulated LNG experience are important prerequisites to successfully implement this new LNG project."