OREANDA-NEWS. OAO NOVATEK announced today that its subsidiary OOO NOVATEK-Yurkharovneftegas won an auction for the exploration and production license for the Nyakhartinskiy license area. The license duration is 27 years and the payment for the license was set at RR 1,057 million.

The Nyakhartinskiy license aria is located in the Yamal-Nenets Autonomous Region in close proximity to the Yurkharovskoye field, which is being developed by OOO NOVATEK- Yurkharovneftegas. As of 1 January 2016, recoverable resources of the license area under the Russian reserve classification methodology amount to 215 billion cubic meters of natural gas and more than 70 million tons of liquid hydrocarbons.

The Chairman of NOVATEK's Management Board Leonid Mikhelson noted: "The acquisition of this license is consistent with our long-term development strategy aimed at efficiently expanding the Company's resource base in our core producing region. It is also important that a significant share of the license area's resource base comprises liquid hydrocarbons".