trending Market Intelligence /marketintelligence/en/news-insights/trending/s3fdkhia1xymfbqaufo5vq2 content esgSubNav
In This List

Novatek announces North-Obskoye field discovery

Blog

Insight Weekly: Recession risk persists; Banks pull back from crypto; 2022 laggard stocks rally

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Podcast

Energy Evolution | A transition to cleaner energy drives demand for new nickel mines

Podcast

Energy Evolution | Looking ahead to the energy transition in 2023


Novatek announces North-Obskoye field discovery

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."