Novatek has reached an agreement to acquire the Chernichnoye Field from oil company Mangazeya JSC, the company said on Dec. 11.

The transaction is expected to close in early 2018.

The license for the field contains estimated hydrocarbon resources of 179 million barrels of oil equivalent, according to the Russian resource classification as of December 31, 2016.

“We concluded an agreement to acquire another field which will contribute to the company’s resource base and future production connected to the unified gas supply system,” Leonid Mikhelson, Novatek’s chairman of the management board, said.

“Our strategy is focused on acquiring new producing fields to load our processing capacities for a longer time period as well as fully utilize our existing transport infrastructure. This will provide additional economic value and growth of the company’s financial and operational metrics,” he added.