NOVATEK and CNOOC Sign Entrance Agreement to Arctic LNG 2

“We are very glad that CNOOC has joined our Arctic LNG 2 project as our new partner, since China represents one of the key consuming markets for our LNG sales,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Arctic LNG 2 will be a game-changer in the global gas market, and our proven track record to successfully build an LNG facility in the Arctic zone, combined with a proven logistical model with access to prospective markets and large hydrocarbon resource base will ensure the successful implementation of this world class project”.

The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The Project is based on the hydrocarbon resources of the Utrenneye field. As of 31 December 2018, the Utrenneye field’s 2P reserves under PRMS totaled 7,981 million barrels of oil equivalent. Under the Russian classification reserves totaled 13,835 million barrels of oil equivalent. OOO Arctic LNG 2 owns an LNG export license.