EuroNorthOil LLC was established in 2009. In June 2009 the company won the open tender held by the Subsoil Use Department for the North-West Federal District (Sevzapnedra) for the right to geological survey, exploration and production of gas and condensate at Korovinskoe subsoil plot, covering Koroviskoe gas condensate field. The field is located to the north of the Pechora Bay and is a part of the Naryan-Mar group of gas condensate fields. 

ABC1 + C2 reserves of gas within Korovinskoe field amount to 41.1 bcm, and of gas condensate – to 1.0 million tons. As per DeGolyer&MacNaughton’s appraisal, 2P reserves of natural gas according to PRMS classification amount to 31.0 bcm, and of gas condensate – to 0.8 million tons. 1P reserves of gas - 21.9 bcm, and of gas condensate – 0.6 million tons. 

Gas and gas condensate production is scheduled to start in 2015. The projected production level of gas will amount to 1.0 bcm per year, of condensate - 30 thousand tons per year. Gas-condensate mixture will be transported through a multiphase pipeline to Kumzhinskoe field, where the hydrocarbons will be sold for further mixing with the raw gas produced at Kumzhinskoe field. Gas is supposed to be processed at the plant planned for construction in the area of Indiga village (NAD) as a part of the Kumzhinskoe gas condensate field development project. 

The proposed strategy for the Koroviskoe field development will make it possible to involve the state gas reserves in industrial and commercial turnover, to eliminate consequences of human impact on the natural environment, to solve social and economic issues.