Russian energy company Novatek has announced the discovery of a major gas field located on the Gaidan Peninsula in northwestern Siberia, with recoverable reserves estimated at 52 billion cubic meters.

It discovered the Arctic LNG-1 gas field, and a subsidiary of Novatek plans to build Novatek’s third largest liquefied natural gas (LNG) project on the basis of the new field.

And in a statement released by the company, it said: “NOVATEK announces that its subsidiary Arctic LNG 1 has completed testing of the first exploratory well at the Bukharinskiy license area, adjacent to the Tarikh Bugerny license area on the Gaidan Peninsula, and based on the results of the conducted work, a new gas condensate field was discovered.

The message added: “Recoverable natural gas reserves at the new field according to the Russian classification are estimated at 52 billion cubic meters, and liquid hydrocarbon reserves at 2 million tons.”

The discovered field is named after the outstanding geologist Viktor Ivanovich, who made a significant contribution to the creation of Novatek, as well as to the geological study and development of natural gas and liquid hydrocarbon reserves for the company in the Yamal and Gaidan regions.

Source: News

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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