LogIn LogOut

Novatek, Repsol Pact for Arctic LNG 2

April 3, 2019

Image: Novatek
Image: Novatek

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


Current News

Siemens Wins Order to Modernize M. East Jack-Up Rig

Siemens Wins Order to Modernize M. East Jack-Up Rig

SeaBird in Asia Pacific OBN Survey

SeaBird in Asia Pacific OBN Survey

Petrofac Clinches $40M Deal in UAE

Petrofac Clinches $40M Deal in UAE

Floatech Must Pay $6,25M to Drydocks World, Court Rules

Floatech Must Pay $6,25M to Drydocks World, Court Rules

PetroChina Resumes Guangdong Refinery Construction

PetroChina Resumes Guangdong Refinery Construction

Indonesia: Inpex Finds Buyers for Masela Gas

Indonesia: Inpex Finds Buyers for Masela Gas

Coronavirus Spurs Oil Majors to Cancel IP Week Events

Coronavirus Spurs Oil Majors to Cancel IP Week Events

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