Novatek has completed the sale of minority stakes in its 19.8 Mt/year Arctic LNG 2 project in northern Russia, i.e. a 10% stake to Japan Arctic LNG, a consortium of Japanese companies Mitsui and Japan Oil, Gas and Metals National Corporation (JOGMEC), a 10% stake to a fully-owned subsidiary of CNOOC and a 10% stake to a fully-owned subsidiary of China National Petroleum Corporation (CNPC). Novatek will retain 60% in the project, with Total, CNOOC, CNPC and Japan Arctic LNG holding 10% each.
The 19.8 Mt/year Arctic LNG 2 project will consist of three liquefaction trains of 6.6 Mt/year capacity each, with the first one expected to be commissioned in 2023. The liquefaction plant will be fed by output from the Utrenneye field in the hydrocarbon-rich Gydan peninsula in the Yamal-Nenets Autonomous District (Russia). Reserves are estimated at 1,150-2,000 bcm of gas and 60-105 Mt of liquids.