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Novatek and Vitol ink pact on LNG supply from Arctic LNG 2

Gasoil News - Published on Wed, 03 Apr 2019

Image Source: Safety4Sea
During the 19th International Conference & Exhibition on Liquefied Natural Gas in Shanghai, Novatek Gas & Power Asia, a trading subsidiary of NOVATEK and Vitol announced signing of Heads of Agreement for the supply of LNG. The Agreement envisages concluding a 15-year contract with annual supply of 1 million tons of LNG from the Arctic LNG 2 project as well as other NOVATEK’s projects. The LNG will be shipped on FOB basis to NOVATEK’s transshipment terminals in the Murmansk region and Kamchatka.

The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The Project is based on the hydrocarbon resources of the Utrenneye field. As of 31 December 2018, the Utrenneye field’s 2P reserves under PRMS totaled 1,138 billion cubic meters of natural gas and 57 million tons of liquids. Under the Russian classification reserves totaled 1,978 billion cubic meters of natural gas and 105 million tons of liquids. OOO Arctic LNG 2 owns an LNG export license.

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Posted By : Rabi Wangkhem on Wed, 03 Apr 2019
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