By Jaime Llinares Taboada

Novatek said Wednesday that it has won 27-year exploration and production licenses for two areas close to its existing projects on the Yamal peninsula in Russia.

The Russian gas company said the areas include the Arkticheskoye and Neytinskoye fields. They are estimated to host combined hydrocarbon reserves of 2.9 billion oil-equivalent barrels, including 413 billion cubic meters of natural gas.

Novatek said the licenses result in cumulative one-time payments of 13.15 billion rubles ($179.3 million) and will expand its resource base for implementing LNG projects.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

09-08-21 0813ET