Huge gas reserves for “Arctic LNG-3” project

NOVATEK Company announced the discovery of the North-Ob gas field with reserves of at least 320 bln cubic meters and resources of over 900 bln cubic meters. Such dimensions automatically put it in the category of unique.

It was immediately announced that the found reserves will be used for LND production at the third plant “Arctic LNG-3”. NOVATEK discovered a new gas condensate field on the basis of testing the first exploratory well at the North-Ob licensed block in the Ob Bay water area in the Yamal-Nenets Autonomous District. The records of the reserves calculation will be submitted for examination to the State Commission on Mineral Reserves in November.

Chairman and major shareholder of NOVATEK Company Leonid Mikhelson stated that the favorable geographical location of the field, the huge resource base and the experience gained by the company suggest good prerequisites for the successful implementation of the new LNG project

The long-term strategy of NOVATEK, presented in the end of 2017, implies an increase in LNG production to 55-57 mln tons per year by 2030, and it can reach 70 mln tons if we take into account geological exploration within existing fields. This will make the company one of the largest LNG producers in the world.


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