NOVATEK announced on September 5, 2016, that its subsidiary 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.
NOVATEK signed also an Cooperation Agreement with the Russian Ministry of Natural Resources and Environment and the Government of the Yamal-Nenets Autonomous Region.
The document stipulates implementing NOVATEK’s corporate greenhouse gas emissions management system and further certification thereof under ISO 14064. Under this project, sources of greenhouse gas emissions will be categorized, a respective calculation method will be selected and automated reporting will be developed.