Novatek expands in Arctic
Russia’s second biggest gas producer looks set to get licenses to four major fields in and around the Yamal Peninsula.
Rosnedra, the Russian Agency for mineral resources, now recommends the federal government to give the company the four licenses, Oilru.com reports. With the new licenses, Novatek will boost its resource base in the gas-rich region. From before, Novatek controls the license to the South Tambey field, which has proven gas reserves of more than 1,2 trillion cubic meters.
Together with Total and other companies, Novatek is planning the development of the Yamal LNG project, which will be based on the South Tambey resources. However, with the additional resources, Novatek could be able to expand the LNG potential.
Read also: Total strikes deal on Yamal LNG
One of the four fields, the Eastern Tambey is located just northeast of the South Tambey.
However, the development of the fields are highly complex. Both the Eastern Tambey and the Severo-Obskoye (North Ob) are located offshore in the Ob Bay. The two other fields, the Utrennoye and Geofizicheskoye are located on the eastern shore of the Ob Bay.
Novatek will have to pay up to seven billion RUB for the four new licenses.
Read also: Novatek builds giant Arctic LNG tanker
