MOSCOW, March 14 Russia's second-largest gas
producer Novatek said on Thursday its subsidiary had
won an exploration and production license for an Arctic gas
field, in line with plans to increase its resource base.
Novatek, in which France's Total owns around 15
percent, said it would pay 3.19 billion roubles ($103.60
million) for the rights to the East-Tazovskoye field.
Novatek's Moscow-traded shares jumped 2.4 percent on the
The Arctic is an important source of oil and gas production
in Russia, where earnings from oil and gas sales account for
half of state budget revenues.
The field, located in Yamal-Nenets Autonomous Region, is
close to Novatek's existing asset base and will create certain
synergies for the company, which plans to launch a plant to
liquefy natural gas in 2016-2017.
As of Jan. 1, 2012, the field's recoverable reserves under
Russian reserve classification "C1 + C2" (explored and
preliminarily estimated) stood at 65.3 billion cubic metres of
natural gas and 13.4 million tonnes of liquid hydrocarbons.
Last year, Novatek boosted the life of its reserves to 31
years from 25 years previously thanks to acquisitions and
Novatek has so far failed to secure the rights to gas
exports, over which state-owned Gazprom currently has
($1 = 30.7927 Russian roubles)
(Reporting by Vladimir Soldatkin. Editing by Jane Merriman)