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Russia's Launch of the Giant Arctic LNG 2 Development

Gasoil News - Published on Tue, 10 Sep 2019

Image Source: energy-pedia.com
Novatek and the other project shareholders have approved the final investment decision for Arctic LNG 2, a major liquefied natural gas development located on the Gydan peninsula, Russia. The project will have a production capacity of 19.8 million tonnes per year and is expected to export its first LNG cargo by 2023, the second and third train to start up by 2024 and 2026. Total has a direct 10% interest in Arctic LNG 2 alongside Novatek (60%), CNOOC (10%), CNPC (10%) and a Mitsui-Jogmec consortium, Japan Arctic LNG (10%). Total also owns an 11.6% indirect participation in the project through its 19.4% stake in Novatek, thus an aggregated economic interest of 21.6% in the project.

Mr Patrick Pouyanne, Chairman and CEO of Total, said that “Arctic LNG 2 will leverage the success of the Yamal LNG project and will deliver competitive LNG to the markets in four years’ time. Arctic LNG 2 adds to our growing portfolio of competitive LNG developments based on giant low cost resources primarily intended for the fast growing Asian markets.”

Source :

Posted By : Rabi Wangkhem on Tue, 10 Sep 2019
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