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CFO: Novatek eyes FID on next major LNG plant in 2023-24

The Arctic LNG-1 plant will be underpinned by a trio of gas fields on the Gydan peninsula

CFO: Novatek eyes FID on next major LNG plant in 2023-24

Moscow, July 6 - Neftegaz.RU. Novatek envisages taking a final investment decision on another major liquefaction project in the Russian Arctic in 2023 or 2024 at the latest, CFO Mark Gyetvay told NGW in the In a Nutshell podcast.

The head of finance at Russia's largest independent gas producer was referring to Arctic LNG-1, which will exploit gas at the Soletsko-Khanavaiskoye, Geofizicheskoye and Trekhbugornoye fields on the Gydan peninsula to produce an expected 19.8 mln metric tons/year of LNG, according to Russia’s latest LNG strategy.
Gyetvay said:
  • Development would likely start in 2026 or 2027, right after Novatek finishes construction of its 19.8 mln mt/yr Arctic LNG-2 plant
Further ahead will be Arctic LNG-3, which will also boast a 19.8 mln mt/yr capacity, underpinned by resources in the Gulf of Ob that divides the Gydan and Yamal peninsulas, where Novatek made a significant gas discovery in 2018.
Arctic LNG-3’s development will likely get underway in the 2030s, according to the CFO.
Gyetvay noted:
  • Arctic LNG-1 has already attracted «strong partnership interest» but more exploration is needed before Novatek can begin the farm-out process
  • Partners will be necessary to share risks and costs, as was the case at Novatek’s Yamal LNG and Arctic LNG-2 facilities
  • The company will look to retain at least a 60% interest in the project
Novatek commissioned a 0.9 mln mt/yr 4th train at Yamal LNG in January.
Despite its small size, the project is significant as it will showcase Novatek’s proprietary Arctic Cascade liquefaction capacity, which takes advantage of the low ambient temperature in the Arctic to increase efficiency.

Gyetvay said the project needed to operate for 12 to 18 months to assess the technology's performance over the course of different seasons, and adjustments would be made if necessary.

Source : Neftegaz.RU

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