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EPC giant, TechnipFMC yesterday informed about securing an EPC contract for Arctic LNG-2 project. The $7.6 billion contract consists of three 6.6 MTPA-LNG trains. The project, operated by Russia’s Novatek and its partners, aims at developing over 7 billion barrels of oil equivalent (boe) of resources. The project is estimated to have a total production capacity of 19.8 million tonnes per year.
Heads of Agreement has been signed between NOVATEK, Sinopec and Gazprombank. This joint venture will focus on marketing LNG and natural gas to end-customers in China. The decision of forming JV was taken during the official visit of the President of the People’s Republic of China to the Russian Federation. NOVATEK's Chairman said, "This represents another step in implementing our long-term strategy across the entire value chain”.
Chinese oil major, CNOOC has entered into a Heads of Agreement (HoA) with Russian gas producer, Novatek for 10% interest in the Arctic LNG 2 project. The Arctic LNG 2 Project is one of the largest onshore conventional natural gas projects, operated by JSC Novatek. The project involves the development and production of Utrenneye gas field, apart from the construction and operation of three LNG trains.
Novatek will start the production of LNG on the shore of the Baltic Sea in February, as stated by a contractor working at the project. Novatek is the largest non-state natural gas producer of Russia. The company will be building an LNG plant and terminal along with Gazprombank in the Baltic Sea port of Vysotsk. The plant’s capacity is expected to be 800,000 tonnes in 2021.
With the approval from authorities on an exploration plan submitted by a consortium of France’s Total, Italy’s Eni and Russia’s Novatek, Lebanon has begun its search for oil and gas assets in Block 4 and 9. Lebanon is on the Levant Basin where the presence of many big sub-sea gas fields were discovered since 2009. Lebanon signed its first offshore oil and gas exploration and production agreements in February.