FRENCH TOTAL ACQUIRED 10% IN RUSSIA’S LNG GIANT NOVATEK ARCTIC- LNG2 PROJECT .
French Total acquired 10% In Russia’s LNG giant Novatek Arctic- LNG2 Project .
A binding agreement on the conditions of entry into the project was concluded yet at the St Peteresbourg International Economic Forum (SPIEF-2018), Novatek has indicated.
In October 2018, the development of the front end engineering documentation (FEED) was completed. Based on this data, preliminary assessment of the project's costs is $20-21bn. At the same time, the reserves of the Morning Field, the main resource base of Arctic LNG 2, are estimated at 2trln m3 (70.63trln ft3), according to the Russian classification.
Arctic LNG2 provides for the construction of three phases for the production of LNG with a capacity of 6.6mn t per year on the basis of the gravity type (GBS). OGT production will be deployed in the Belokamenka Murmansk region.
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