Novatek, Repsol Pact for Arctic LNG 2

Laxman Pai
Wednesday, April 3, 2019

Russia's second largest natural gas producer Novatek said that its trading subsidiary Novatek Gas&Power Asia and Spanish energy company Repsol  have agreed to a 15-year contract to supply 1 mtpa of LNG from the Arctic LNG 2 project and other projects.

The LNG will be delivered ex-ship primarily to markets on the Iberian Peninsula, said a release from Novatek.

“The agreement for the sale of LNG would allow us to increase our market presence on the Iberian Peninsula where Russian pipeline gas is not supplied,” noted Novatek’s First Deputy Chairman of the Management Board Lev Feodosyev.

“Expanding our supply geography and diversifying our long-term contract customer base is consistent with the Company's strategy to ramp up LNG production in the Russian Arctic,” he added.

The Arctic LNG 2 project will include the construction of three LNG trains at 6.6 mtpa each, using gravity-based structure platforms.

The project is based on the hydrocarbon resources of the Utrenneye field, which has total reserves of 41.19 Tcf of natural gas and 57 million tons of liquids. It is expected to develop more than 7 billion boe of resources, with a production capacity of 19.8 million tonnes/yr.

Categories: Energy LNG Arctic Contract

Related Stories

Sapura Energy Nets $720M from Multiple Drilling Services Contracts

Tokyo Gas Enters LNG Market in Philippines

AIRCAT 35 Crewliner Vessels Delivered to Service TotalEnergies Angola

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

Vestas Lands First 15MW Offshore Wind Turbine Order in Asia Pacific

Flare Gas Recovery Meets the Future

ABS Approves Hanwha Ocean’s FPSO Design

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

BP Greenlights $7B CCUS Scheme Tied to Indonesia LNG Facility

US Firm Finds Chinese Partner to Deliver Mobile Offshore Drilling Units

Current News

Jadestone Submits Field Development Plan for Assets Off Vietnam

Woodside Inks Long-Term LNG Supply Deal with China Resources

CNOOC Starts Production at Two New Oil and Gas Projects

Argentina YPF to Shed Offshore Exploration Projects

Cairn India Might Invest in US Oil Servicing Firms to Increase Production

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

Shell Hires Noble’s Drillship for Work in Southeast Asia

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com