Gazprom Neft acquires E&P licences at Zapadno-Yubileynoye field, Yamalo-Nenets Autonomous Okrug

Gazprom Neft has acquired a licence for geological prospecting at the Zapadno-Yubileyny block, located in the Nadymsky district of the Yamalo-Nenets Autonomous Okrug, and for exploration and production (E&P) within the Zapadno-Yubileynoye field, forming part of the Zapadno-Yubileyny block.

Geological prospecting rights acquired at the 1268.7-square-metre Zapadno-Yubileynoye subsoil block remain in force until 2017, allowing field evaluation and prospecting for hydrocarbons. The second licence, for oil exploration and production at the 448.75-square-metre Zapadno-Yubileynoye field, remains in force until 2032. As at 1 January, 2015, recoverable reserves of oil and gas condensate are estimated at 1.765 and 0.353 million tonnes of oil (mt, category C1), respectively, and 106.758 and 21.352 mt category C2.