Novatek spends around 30 bln rubles on exploration annually, redistributing across regions; resources sufficient

MURMANSK. March 27 (Interfax) - Novatek has been allocating approximately 30 billion rubles annually to geological exploration since 2020, redistributing these funds across regions, Novatek Deputy Management Board Chairman and Director for Geology Vladimir Kudrin told journalists.

"Since 2020, exploration [expenditures have] remained at approximately plus 30 billion rubles annually at Novatek, distributed across regions, whether it's Yamal, Gydan or the Nadym-Pur-Tazovsky area," he said.

When asked whether the company would bid for undistributed subsoil reserves, Kudrin said that the company has "a sufficient resource base to continue exploration and production. And production from deeper horizons is our future, this is what we plan to focus on," he said.

Novatek also possesses an adequate resource base for its operational LNG plants, he said.