New block gives boost to Novatek's LNG ambition

摘要

NOVATEK subsidiary Arctic LNG 1 has won an exploration and development licence for a large block on the Gydan Peninsula in northern Russia's remote Yamal-Nenets region. The subsidiary of Russia's largest gas independent paid 775 million roubles ($10.2 million) for the North Gydansky block, just 70 million roubles over the starting price in the auction, the country's Natural Resources & Environment Ministry revealed late last month. The block is a key asset in Novatek's ongoing efforts to increase operated gas reserves on the Gydan Peninsula.