NOVATEK: Partners Held a Regular Virtual Meeting to Discuss Status of Arctic LNG 2

  • Nov 26, 2020

PAO NOVATEK announced that a regular working meeting was held regarding the status of Arctic LNG 2 project (“Project”) with the respective management of the partner companies. The working meeting, which took place in the form of a videoconference, was attended by Leonid Mikhelson (NOVATEK), Patrick Pouyanné (TOTAL), Huang Yongzhang (CNPC), Xu Keqiang (CNOOC), Tatsuo Yasunaga (Mitsui) and Tetsuhiro Hosono (JOGMEC) (collectively, the “Partners”).

During the meeting, the Partners discussed the significant progress on implementing the Arctic LNG 2 project, despite the COVID-19 pandemic. Currently, the overall Project progress is estimated at 29%, with concrete casting of the first GBS platform estimated to be 67% completed. The module fabrication yards are working at full capacity and modules are expected to be completed and shipped according to schedule. The modules fabrication progress for the first GBS is estimated at 46%.

In addition, 17 production wells have already been drilled at the Utrenneye field with three (3) drilling rigs in operation. Two (2) more drilling rigs are expected to be mobilized before year end 2020. The estimated completion of the Utrenniy Terminal is 69%, with the berth expected to be completed in first quarter of 2021. More than 7.5 billion US dollars were financed by Project’s participants.

The Partners also discussed the current status of the Project’s external financing and confirmed their focus on ensuring its completion in the nearest future.