Novatek Secures South-Leskinskiy License

Laxman Pai
Friday, November 9, 2018

Russia's largest independent natural gas producer PAO Novatek has secured a new exploration license on the Gydan peninsula.

The seventh largest publicly traded company globally by natural gas production volume said in a press release that its unit Novatek-Yurkharovneftegas won the auction for geological survey, exploration and production license for the South-Leskinskiy subsoil license area on the Gydan peninsula in the Krasnoyarsk Territory.

The license area has estimated hydrocarbon resources of 3.5 billion barrels of oil equivalent according to the Russian resource classification system.

The license term is 27 years and the auction resulted in one-time payment for the subsoil use in the amount of RR 2,041 million rubles.

The South-Leskinskiy license area is located in close proximity to Novatek's existing licenses on the Gydan peninsula.

The new license is consistent with the Company’s strategy to expand our hydrocarbon resource base on the Yamal and Gydan peninsulas to increase natural gas and liquid hydrocarbons production.

Categories: Energy LNG Russia Exploration

Related Stories

Shipping, Energy Tax Could Help Foot $1T to Combat Climate Change - COP29

Euro Oil Giants Rethink Renewable Balance

UK Approves Five Subsea Power Cable Projects

Current News

Danos Leaders Recognized in “40 Under 40” Lists

ExxonMobil to Drill for Gas Off Cyprus in January

Mocean Energy Raising Funds to Advance Wave Energy Tech

Seadrill’s Drillships Getting Ready to Start Work Off Brazil

Subscribe for OE Digital E‑News