Novatek strikes gas on Arctic Gydan peninsula
Russia's Novatek announced on December 12 the discovery of a new gas and condensate field at the Arctic Gydan peninsula that could potentially help underpin future LNG production.
The find was made at a well at the Bukharinsky licence area by Novatek subsidiary Arctic LNG-1, adjacent to the company's Trekhbugorny block. It is estimated to be 52bn m3 of gas and 2mn metric tons of liquids in size.
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Novatek has named the field Viktor Girya, after a geologist that was among the founders of the company.
Arctic LNG-1 is responsible for potentially developing a new LNG plant similar in size to the 20mn mt/year Arctic LNG-2 project due online in 2023-4. But a final investment decision has not yet been taken on the plan, and Western restrictions on financing and other types of assistance to the Russian oil and gas sector have made the outlook for the country's LNG industry highly uncertain.
"With this discovery, the company will expand its resource base in the Gydan peninsula with the view to subsequently putting the field into efficient production under the development of its prospective projects," Novatek said in a statement.