Novatek and partners held a regular virtual meeting to discuss status of Arctic LNG 2

Moscow, November 25 - Neftegaz.RU. NOVATEK announced that a regular working meeting was held regarding the status of Arctic LNG 2 project (“Project”) with the respective management of the partner companies.

The working meeting, which took place in the form of a videoconference, was attended by Leonid Mikhelson (NOVATEK), Patrick Pouyanné (TOTAL), Huang Yongzhang (CNPC), Xu Keqiang (CNOOC), Tatsuo Yasunaga (Mitsui) and Tetsuhiro Hosono (JOGMEC).

During the meeting, the Partners discussed the significant progress on implementing the Arctic LNG 2 project, despite the COVID-19 pandemic. Currently, the overall Project progress is estimated at 29%, with concrete casting of the first GBS platform estimated to be 67% completed.

The module fabrication yards are working at full capacity and modules are expected to be completed and shipped according to schedule. The modules fabrication progress for the first GBS is estimated at 46%.

In addition, 17 production wells have already been drilled at the Utrenneye field with 3 drilling rigs in operation. 2 more drilling rigs are expected to be mobilized before year end 2020.

The estimated completion of the Utrenniy Terminal is 69%, with the berth expected to be completed in first quarter of 2021. More than US $7.5 billion were financed by Project’s participants.

The Arctic LNG 2 project will be a major step for the Russian LNG market. In 2018 Russia was responsible for 8% of the global LNG market; the country aim to increase that to 20% by 2035.