Novatek company announced that it has acquired, through an auction, the geological survey, exploration, and production (E&P) licenses for two subsoil license areas including the Arkticheskoye and Neytinskoye fields on the Yamal Peninsula in the Yamal-Nenets Autonomous Region, according to a press release issued by the company.

The statement noted that these two fields have total estimated hydrocarbon reserves of 2.9 billion barrels of oil equivalent , including 413 billion cubic meters (bcm) of natural gas and 28 million tons of liquids, according to the Russian hydrocarbon classification system.

It is worth noting that the new license areas are located close to NOVATEK’s existing assets on the Yamal Peninsula and it will help expand the company’s resource base for implementing LNG projects.