TechnipFMC inks Arctic LNG 2 deal with Russia’s Novatek
- Business & Finance
Russian Novatek’s joint venture Arctic LNG 2 and oilfield services provider TechnipFMC have signed a contract on engineering, procurement, supply, construction and commissioning of an integrated liquefied natural gas facility with an annual liquefaction capacity of 19.8 million tons under the Arctic LNG 2 project.
The contract terms provide for the launch of the first train of the project in 2023, Novatek said on Monday.
The Arctic LNG 2 is a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia, which will be developed using offshore platforms in northern West Siberia.
“The team, which implemented the unique Yamal LNG project in record time and on budget, has now joined an even larger and more innovative project,” noted Novatek’s Chairman of Management Board Leonid Mikhelson.
“We are confident that the accumulated experience of mutual cooperation on the construction of LNG plants in the Arctic zone will also ensure the successful and timely implementation of our new project Arctic LNG 2.”
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 December 31, 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.
The project’s participants include Novatek (90%) and Total (10%), which signed definitive agreements with Novatek for the acquisition of a direct 10% interest in Arctic LNG 2 in March 2019.
In addition, Novatek in April entered into agreements with two Chinese companies – CNODC, a subsidiary of CNPC, and CNOOC – under which they will each acquire a 10% participating interest in the Arctic LNG 2 project.
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