Total SA has signed an agreement with Novatek to acquire a direct working interest of 10 percent in Arctic LNG 2, a giant liquefied natural gas project lead by Novatek. The project is located on the Gydan Peninsula in the north of Siberia.
Taking account of Total’s approximate 19 percent stake in Novatek and Novatek’s intention to retain 60 percent of the project, the group's overall economic interest in this new LNG project will be approximately 21.5 percent.
If Novatek decides to reduce its participation below 60 percent, Total will have the possibility to increase its direct share up to 15 percent.
Novatek and Total have also agreed that Total will have the opportunity to acquire a 10 to 15 percent direct interest in Novatek's future LNG projects in Yamal and Gydan.
With a production capacity of approximately 19.8 million tons per year (Mt/year), or 535,000 barrels of oil equivalent per day (boe/d), Arctic LNG 2 will unlock more than 7 billion boe of hydrocarbons’ resources in the onshore Utrenneye gas and condensate field. The project will involve the installation of three gravity-based structures in the Gulf of Ob on which will be installed the three liquefaction trains of 6.6 Mt/year capacity each.
Total SA has signed an agreement with Novatek to acquire a direct working interest of 10 percent in Arctic LNG 2, a giant liquefied natural gas project lead by Novatek. The project is located on the Gydan Peninsula in the north of Siberia.
Taking account of Total’s approximate 19 percent stake in Novatek and Novatek’s intention to retain 60 percent of the project, the group's overall economic interest in this new LNG project will be approximately 21.5 percent.
If Novatek decides to reduce its participation below 60 percent, Total will have the possibility to increase its direct share up to 15 percent.
Novatek and Total have also agreed that Total will have the opportunity to acquire a 10 to 15 percent direct interest in Novatek's future LNG projects in Yamal and Gydan.
With a production capacity of approximately 19.8 million tons per year (Mt/year), or 535,000 barrels of oil equivalent per day (boe/d), Arctic LNG 2 will unlock more than 7 billion boe of hydrocarbons’ resources in the onshore Utrenneye gas and condensate field. The project will involve the installation of three gravity-based structures in the Gulf of Ob on which will be installed the three liquefaction trains of 6.6 Mt/year capacity each.
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