Novatek's wholly-owned subsidiary, OOO Novatek-Yurkharovneftegas, won the bid for a geological survey, exploration and production license for the Payutskiy subsoil area, which includes the Nanadyanskoye gas field in Russia.
According to the announcement, the Payutskiy license area has estimated hydrocarbon resources of 354 million barrels of oil equivalent, according to the Russian resource classification system.
The license term is 27 years and the auction resulted in a one-time payment of 66 million rubles ($1.16 million) for subsoil use.
'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 statement read.
On Wednesday, Novatek obtained a federal patent No. RU 2645185 C1 for its proprietary natural gas liquefaction technology called Arctic Cascade.
The patented LNG technology is based on a two-stage liquefaction process that capitalizes on the colder ambient temperature in the Arctic climate to maximize energy efficiency during the liquefaction process.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr