Novatek CFO: To Be Granted 4 Licenses Next Week

LONDON (Dow Jones Newswires), June 21, 2011

Novatek will next week be granted four new licenses on the Yamal and Gdansk gas condensate fields in the Arctic, Chief Financial Officer Mark Gyetvay said Tuesday.

Novatek will get two licenses on each block, which are estimated to hold 8 billion barrels of oil equivalent in potential and proven reserves, said Gyetvay, who was addressing a business audience here.

Separately, Novatek will sign a deal with French major Total SA (TOT) July 1 to build the Sabetta onshore liquefied natural gas plant.

Total will take a 25% stake in the terminal project. In March, Total bought a 12% stake in the Yamal LNG project for $4 billion. At the time, Total Chief Executive Christophe de Margerie said it plans to raise its holding in Yamal to 19.4% within three years.

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