NOVATEK closed deals on the sale of shares in the Arctic LNG 2 project

PJSC "NOVATEK" announced today the closing of transactions for the sale of stakes in the project "Arctic LNG 2" subsidiary of China National Petroleum Corporation ("CNPC"), a subsidiary of CNOOC Ltd. ("CNOOC") and the consortium Mitsui & Co and Japan National Oil, Gas and Metals Corporation JOGMEC ("Japan Arctic LNG").

 

Arctic LNG 2", — noted the Chairman of the Board of "NOVATEK" Leonid Michelson. Achieved target level of participation of NOVATEK will allow us to make the final investment decision and optimally use the Company's cash flow to finance our new projects.

 

The Arctic LNG 2 project provides for the construction of three stages for the production of liquefied natural gas (LNG) with a capacity of 6.6 million tons per year each on gravity-type bases (GBS). The project is being implemented at the resource base of the Utrenneye field.

 

As of December 31, 2018, the proven and probable reserves of the Utrenneye field under PRMS standards amounted to 1 138 billion cubic meters. m of natural gas and 57 million tons of liquid hydrocarbons. According to the Russian classification, the field's reserves amounted to 1 978 billion cubic meters. m of natural gas and 105 million tons of liquid hydrocarbons.

 

Arctic LNG 2 LLC owns an LNG export license. The project participants are "NOVATEK" (60%), Total (10%), CNPC (10%), CNOOC (10%) and Japan Arctic LNG (10%).

 

Source: energybase.ru