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NOVATEK’s JV Obtains Osenniy License Area in YNAO

Source: www.gulfoilandgas.com 12/19/2017, Location: Asia

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PAO NOVATEK (NOVATEK) announced that its joint venture “Arcticgas” won the bid for a geological survey, exploration and production license for the Osenniy subsoil area located in the Yamal-Nenets Autonomous Region (YNAO). The license area contains estimated hydrocarbon resources of 4,411 million barrels of oil equivalent according to the Russian resource classification. The license term is 25 years and the auction resulted in a one-time payment for the subsoil use in the amount of RR 1.4 billion rubles.

The Osenniy license area borders Arcticgas’ Samburgskiy license area and expands the Company’s hydrocarbon resource base in the Nadym-Pur-Taz region of YNAO. The Company considers this new license acquisition to complement its significant long-term projects to increase deeper-layer hydrocarbon production.

According to the Chairman of the Management Board Leonid V. Mihkelson, “The acquisition of the Osenniy license area supports our recently announced long-term strategy of increasing our natural gas and gas condensate production within reach of the Unified Gas Supply System as well as our goal of increasing our exploration activities. The new license area is part of our strategy to drill deeper into the liquids-rich formations to ensure we fully load our processing facilities to maximize risk-adjusted margins for many years to come”.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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