NOVATEK Obtains the South-Yamburgskiy License AreaSource: RNS
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NOVATEK Obtains the South-Yamburgskiy License Area
Moscow, 17 December 2019. PAO NOVATEK ("NOVATEK" and/or the "Company") announced today that NOVATEK-Yurkharovneftegas, a wholly owned subsidiary, won the auction for geological survey, exploration and production license for the South-Yamburgskiy subsoil area located in the Nadym District of the Yamal-Nenets Autonomous Region in close proximity to the North-Urengoyskoye field of NOVATEK's joint venture Nortgas.
The license area has estimated hydrocarbon resources of 506 billion cubic meters of natural gas and 126 million tons of liquids, or 4.3 billion barrels of oil equivalent, according to the Russian resource classification system. The license term is 25 years and the auction resulted in one-time payment for the subsoil use of RR 1,066 million.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».
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