OAO NOVATEK (NOVATEK) announces that its subsidiary OOO NOVATEK-Yurkharovneftegas won the bid for a geological survey, exploration and hydrocarbons production license 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.
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.
OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s gas production and approximately 16% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».