The minimum bid at an auction for the license to develop the Gydanskoye gas field in the Yamal-Nenets Autonomous Area will be 2 billion rubles, RIA Novosti reports citing a government directive. The auction will take place this year.

Some terms of the license include mandatory use of the resources of the gas field and to produce LNG at LNG plants in the area that exist or are planned for construction under government resolutions.

The news agency reports that the Gydanskoye gas field is located 600 km to the northeast of Salekhard, 320 km to the northeast of the Novy Port village and 108 km to the southwest of the village of Gyda. The gas field was discovered in unallocated mineral reserves. It was qualified as a large deposit based on the volume of reserves, and an exploration area based on its industrial development. The gas field is estimated to contain some 58.3 bn cubic meters of C1 gases, 57.7 billion cubic meters of C2 gases and 361.4 bn cubic meters of C3 gases. Recoverable C3 resources amount to 31.8 million tons.