The block covers an area of 117,600 sq km., an area comparable to the size of Bulgaria or Iceland. The resources, as set down in the licence, reach up to 994.4 billion cu.m. category D2 and 210.9 million tonnes of condensate (geological) and 137.1 million tonnes (extractible).
However, a reinterpretation of the data in 2020, according to Kommersant daily, placed the estimated potential resources of the block higher at 16.6 trillion cu.m. of gas and 900 million tonnes of condensate.
This project could become unique in terms of scientific and technical requirements for geological exploration and development as it is set apart by its extremely difficult access, difficult ice and weather conditions, unequal distribution in terms of sea depths and the short window for conducting work.
According to the licence data, the sea depth can vary from 20 to 90 metres. And experts note that, owing to its particular geological structure, the block does not lend itself to classical seismic methods. No drilling has yet occurred on the block.
The Anglo-Dutch company Shell had previously expressed an interest in the Severo-Vrangelevsky block. Its specialists had noted similar geological characteristics between the block and deposits on the shelf of the Beaufort Sea.
According to the licence, research should be completed by 2029, including drilling two exploratory-assessment wells. And in 2030, those in charge of the block will have to take a decision on pursuing their work.