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Novatek’s Artic LNG 1 registers new licence

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LNG Industry,

Pao Novatek has announced that Arctic LNG 1, its wholly owned subsidiary, has registered license number SLH 16637 NR for geological survey, exploration and production at the Bukharinskiy subsoil license area on the Gydan Peninsula.

The license area, partially located in the shallow waters of the Ob and Taz bays in the Yamal-Nenets Autonomous Region (YNAO), has been obtained for a period up to 2050. The license terms stipulates that the resource base should be used for LNG production at gas liquefaction facilities located in the YNAO and the adjacent water area.

The license area is located in close proximity to the Geofizicheskiy and Trekhbugorniy license areas and the Soletsko-Khanaveyskoye field. Arctic LNG 1, Novatek’s next large scale LNG project, holds these license areas. The Bukharinskiy license area has estimated hydrocarbon resources of 1190 billion m3 of natural gas and 74 million t of liquids, or 8.4 billion boe, according to the Russian resource classification system.

The company intends to begin full-scale geological and geophysical activities and commence the drilling of the first exploratory well in the upcoming exploration 2020/2021 season.

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