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Total: signs agreements with Novatek in Russia

( - (CercleFinance.
com) -
Total announces the signing of the final agreements with Novatek for a 10% direct interest in Arctic LNG 2.
This is a major liquefied natural gas project located on the Gydan Peninsula in Russia.

"Taking into account Total's 19.4% stake in Novatek and Novatek's intention to retain 60% of the project, the Group's overall economic interest in this new LNG project will be approximately 21.6%. Should Novatek decide to reduce its participation below 60%, Total will have the possibility to increase its direct share up to 15%," the group said.

Both groups also agree that Total will have the opportunity to acquire a 10 to 15% direct interest in all Novatek's future LNG projects located on the Yamal and Gydan peninsulas.

With a production capacity of 19.8 million tonnes per year, or 535,000 barrels of oil equivalent per day (boe/d), Arctic LNG 2 will develop over 7 billion boe of resources in the Utrenneye onshore gas and condensate field. 

The final investment decision is expected in the second half of 2019, with plans to start the first liquefaction train in 2023.

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