Novatek’s Yargeo joint venture has won the license to survey, explore, and develop production at the North Yarudeyskoye oil and gas condensate field over the next 27 years. The license area is in the Yamal-Nenets autonomous region in the Arctic, Russia’s principal gas-producing area. North Yarudeyskoye holds an estimated hydrocarbon resource potential of 93.5 million BOE.
The greater Yarudeyskoye field began producing in 2015 and by 2017 was responsible for nearly a third of Novatek’s liquids production.
The company, Russia’s largest private natural gas producer, noted that it had participated in the recent auction to explore and develop North Yarudeyskoye through Gazprom Bank’s Electronic Trading Platform and that the win was Novatek’s first on that platform.