Novatek has agreed to sell a 10% interest share in the Arctic LNG 2 project to CNOOC and another 10% interest share to China National Oil and Gas Exploration and Development Company (CNODC), a China National Petroleum Corporation (CNPC) subsidiary.
Arctic LNG 2 is being developed on the Gydan Peninsula in the Russian Arctic region by Novatek. In May 2018, Total, which already owns a 19% stake in Novatek and takes part to its Yamal LNG plant in Russia, committed to acquiring a 10% working interest in the Arctic LNG-2 project.
Upon completion, Arctic LNG 2 will consist of three liquefaction trains of 6.6 Mt/year capacity each, with a total capacity of approximately 19.8 Mt/year. The final investment decision could be made as early as mid-2019, with the first train expected to start up by the end of 2023. Arctic LNG 2 will unlock 2P reserves of 1,138 bcm of gas and 57 Mt of liquids from the onshore Utrenneye gas and condensate field.