Russian gas independent Novatek's Arctic SPG 1 subsidiary has been awarded an exploration and development licence for the remote Gydansky block in the Yamal-Nenets autonomous region through an auction at the end of last week.
According to Russian Natural Resources Minister Sergey Donskoy, Arctic SPG 1 has committed to pay 2.26 billion rubles ($40 million) for the licence. The auction terms were effectively tailored for Novatek as the conditions required the potential winner to demonstrate that it already has liquefaction facilities in the Yamal-Nenets region.
