NOVATEK Obtains Payutskiy License Area on Gydan
Moscow. NOVATEK announced today that NOVATEK-Yurkharovneftegas, a wholly owned subsidiary, won the bid for a geological survey, exploration and production license for the Payutskiy subsoil area. The Payutskiy license area has estimated hydrocarbon resources of 354 million barrels of oil equivalent according to the Russian resource classification system and contains the Nanadyanskoye gas field. The license term is 27 years and the auction resulted in a one-time payment for the subsoil use in the amount of RR 66 million rubles.
The Payutskiy license area is located in the Krasnoyarsk Territory in close proximity to NOVATEK’s licenses on Gydan peninsula, near the West-Solpatinskiy, North-Tanamskiy, Nyavuyahskiy and Tanamskiy license areas. The Company already owns a significant resource base on the Gydan peninsula including the Utrenneye, Geofizicheskoye, Gydanskoye, Shtormovoye and Ladertoyskoye fields. This new license allows the Company to expand its hydrocarbon resource base on the Gydan peninsula, and to consider developing significant long-term projects to increase the Company’s production.