AlwaysFree: Novatek Won Arctic LNG-2 Project To Fulfill Doubling LNG Demand For The Next 15 Years

Today, Novatek won the $21 billion Arctic LNG-2 Project, to fulfill doubling demand for LNG in the next 15 years ahead. Scheduled to be onstream by 2023 and projected to export almost 80% of its output to Asia, at estimated to produce 20 million tonnes per annum (mmpta) worth of LNG that will be the largest single project to reach FID (final investment decision) as stated by Leonid Mekhelson, Novatek Chief Executive.

The capital partners of Arctic LNG-2 project's including Total, CNPC (China National Petroleum Corp.) CNOOC, and Japan Arctic LNG consortium by Mitsui & Co and JOGMEC (commonly known as Japan Oil), Gas and Metals Nationals Corp.

"This LNG-2 project is an important project to Russia following the state mission to build LNG plant," said Alexander Novak, Russian Energy Minister adding that the project funding had set at $21 billion. 

Hiroshige Seko, Japanese Industry Minister, stated that "This LNG-2 project is one of the largest in Japan - Russia relations history that will unite Japan and Russia more as well as Europe and Asia, and the Japanese government will support accordingly for realizing this project."

The Arctic LNG-2 project construction plan will include 3 LNG trains with 6.6 million tonnes per annum (mtpa) of LNG and 1.6 mtpa of gas condensate. Located in the Gydan peninsula, the Arctic LNG-2 project is also scheduled to export their first LNG by 2023, with the second and third to online by 2024 and 2026 accordingly.

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