Novatek secures Yamal licence

Russia’s Novatek, the developer of the giant Yamal LNG project, has won a licence to carry out exploration and production in the Syadorskiy subsoil area of the Yamal Peninsula.

Novatek-Yurkharovneftegas, a unit of the independent gas producer won the bid for the Syadorskiy subsoil area for a term of 25 years.

The auction resulted in a one-time payment for the subsoil use in the amount of 404 million rubles ($6.23m), Novatek said in a statement on Monday.

Novatek noted in its statement that the Syadorskiy license area expands company’s resource base in the northern part of the Yamal Peninsula.

As of January 1, 2016, the license area held 24.6 bcm of Russian C1 natural gas reserves, and recoverable resources in the amount of 62.7 bcm of gas and 18.6 mmt of liquid hydrocarbons.

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