The project will be the Russian company’s second liquified natural gas production facility in the Arctic following on the heels of the Yamal LNG plant. McDermott said that the work will take place at its QMW joint venture in China. This follows on from the divestment of a 10% stake to Total in March. Then in April Novatek cashed in by selling 20% in Arctic LNG-2 to Chinese CNOOC and CNODC, with … With the new supply contracts, the company aims to diversify its offerings, especially to regions that are not connected to the network of Russian natural gas pipelines, such as the Iberian peninsula. This website uses cookies to improve your experience. Arctic LNG 2 expands on the success of the adjacent Yamal LNG project at the port of Sabetta. French energy major Total, which holds a 20 percent stake in Yamal LNG, already bought a 10 percent share in Arctic LNG 2 last year. Novatek and its partners recently made the final investment decision (FID) on the $21.3bn Arctic LNG 2 project and first LNG deliveries are expected in … Novatek’s second plant for liquefying gas in the Arctic region has drawn the interest of several foreign companies, including those from China, Japan, and France. We also use third-party cookies that help us analyze and understand how you use this website. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Novatek holds a 60 percent stake in the project, while its partners Total, Chinese CNPC and CNOOC and a Japanese consortium each hold 10 percent.Novatek had also solicited investments from Saudi Arabia and India, among others.Arctic LNG 2 is scheduled to open at the end of 2022 with the second and third production lines to follow in 2024 and 2026. These cookies do not store any personal information. Thus far, the majority of Novatek’s Arctic LNG has been delivered to ports in Western Europe, namely Belgium, the Netherlands, France and the United Kingdom. READ MORE: Shinzo Abe: Japan Considering Financing Russia's Yamal LNG Project The field is located in the Gydan Peninsula in YNAO approximately 70 km across the Ob Bay from Yamal LNG. The Wison Offshore & Marine started its procedures for the Novatek Arctic LNG 2 project. OOO Arctic LNG 2 is the operator and owner of all the assets. Companies sign deals to construct carriers for Arctic LNG 2. The value of the contract is expected to be in range between $50m and $250m. The designation refers to McDermott’s share of the award via its joint venture. QMW will undertake fabrication engineering, partial procurement, construction, and pre-commissioning scope. Engineering services firm McDermott International has won a contract to help deliver a major liquefied natural gas (LNG) project in Russia. Upcoming decision on Ob LNG. Contact our editorial team via email. As the company announced, the China National Petroleum Corporation (CNPC) and the China National Offshore Oil Corporation (CNOOC) each secured a 10 percent share, mirroring closely the 20 percent stake CNPC holds in Yamal LNG. However, Novatek recently made it clear that it does not seek to repeat this type of operation in the future, in part due to challenging weather conditions. The Utrenneye field is the resource base for Arctic LNG 2. Taking into account its 19.4 percent stake in Novatek, its overall share is 21.6 percent. The two terminals will serve as a transfer point where LNG will be reloaded from ice-capable carriers to traditional ones for delivery to Europe and Asia. “Arctic LNG 2 will be a gamechanger in the global gas market.”. CTRL + SPACE for auto-complete. Malte Humpert, High North News-June 30, 2020. We discuss the challenges with Arnaud Le Foll, Managing Director of Total E&P Russie. Combined the Yamal LNG and Arctic LNG 2 will have a capacity of 37.5 million tons of LNG per year, propelling Russia into the top five LNG producers in the world. At the beginning of August, Saipem reached an agreement with Technip France SA and NIPIgaspererabotka to participate in the Joint Venture for the realization of the Arctic LNG 2 project with a share worth approximately €2.2 billion. Maybe a nice photo? China continues to invest in Arctic natural resources as two Chinese national oil companies secure a 20 percent stake in Novatek’s massive Arctic LNG 2 project. It is a new project for the construction of a gas liquefaction plant. The Arctic liquefied natural gas (LNG) 2 project is being developed in the Gydan Peninsula in the northern part of Siberia, Russia. McDermott’s joint venture Qingdao McDermott Wuchuan Offshore Engineering (QMW) in Qingdao, China, has been awarded a large contract to provide three complex modules for Novatek’s Arctic LNG 2 Project in Russia. “The agreement is an important milestone in our Arctic LNG 2 project implementation as well as a continuation of our successful cooperation with CNPC,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board. The development will consist of three liquefied natural gas (LNG) trains, each with a capacity of 6.6 Mtpa, which will be installed on three gravity-based structure platforms. Novatek sells stake in Arctic LNG 2 project to China CNOOC and a unit of Petrochina will take 10% stakes each in a project that is set to reach final investment decision stage by the second half of the year. In comparison, Qatar, the world’s largest producer, exported around 80 million tons last year. The Arctic LNG 2 project includes the construction of three LNG trains with a capacity of 6.6 million tonnes of LNG per annum (mtpa) each and another 1.6 mtpa of stable gas condensate. It feeds China’s need for LNG. The first, Yamal LNG, has an annual production capacity of 16.5 million metric tons. Currently, the company employs ship-to-ship transfers of LNG in Norwegian waters near Honningsvåg to reload up to 150 shiploads of LNG. It is located on the Gydan Peninsula, 70 kilometres across the Ob Bay from Yamal LNG. When completed by 2023, the Arctic LNG 2 … These cookies will be stored in your browser only with your consent. The company said fabrication of the liquefied natural gas (LNG) project in Russia commenced in Zhoushan Yard on Nov. 29. Besides delivering LNG to long-term project investors in China, Novatek continues to push into the European market. French company Total earlier this month bought a 10 percent stake in the two proposed terminals, estimated to cost around $2.5 billion. Arctic LNG 2 project is a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia. "The issue of the development of the Arctic LNG project is being discussed. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit. The Arctic LNG 2 project is 60% owned by Novatek. ↑ "2017 World LNG Report" International Gas Union, Accessed June 20, 2017. You also have the option to opt-out of these cookies. Fabrication for the modules is scheduled to start at the end of 2019 and be completed in mid-2022. Why Arctic LNG-2? We'll assume you're ok with this, but you can opt-out if you wish. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. At the end of 2018 the company announced that it will deliver its product to the port of Zeebrugge in Belgium from where it can be distributed to Germany’s Ruhr region and across Europe. Sberbank’s commitment to the Yamal project, which already supplies foreign buyers with Russian LNG, amounted to €2.7 billion ($3.2 billion). Necessary cookies are absolutely essential for the website to function properly. Write CSS OR LESS and hit save. While Novatek holds a 51 percent stake in Yamal LNG, it reportedly aims to keep a 60 percent share of Arctic LNG 2. Novatek and the Belgian company Fluxys, operator of natural gas transmission and storage infrastructure, signed a 20-year contract for LNG transshipment services at Zeebrugge for up to 8 million tons per year. McDermott defines a large contract as between $50 million and $250 million. The other shareholders are Total (10%), China National Petroleum Corporation (10%), China National Offshore Oil Corporation (10%) and Mitsui/Jogmec (10%). The investment in the Russian project is a strategic move for China for a variety of reasons: It feeds China’s need for LNG: China is the world’s second-largest LNG market and needs to secure supplies fast. CLICK HERE FOR SPECIAL OFFER One month subscription for only$1. Press release | July 23 2019 . earlier this spring on the Gydan Peninsula, 10 percent stake in the two proposed terminals, signed a 20-year contract for LNG transshipment, Greenpeace activists target Norwegian Arctic drilling rig, Arctic Council to hold ministerial meeting in Rovaniemi, Finland next week. The investment in the Russian project is a strategic move for China for a variety of reasons. To lower the cost of the natural gas, the LNG trains will be built on top of three concrete gravity-based structures which will be held in position by their weight. Two Chinese national petroleum companies each secured a 10 percent share in the project, the Russian company's second major one in the Arctic. China’s Wison Offshore & Marine has started fabrication work for Novatek’s Arctic LNG 2 project ahead of schedule, potentially resulting in cost benefits for developers, Kallanish Energy reports. Between Total’s stake and the newly announced Chinese participation, this leaves up to 10 percent up for grabs for Aramco. McDermott’s Senior Vice President Asia Pacific, Ian Prescott, said: “This award recognizes QMW’s experience and excellent performance in the Arctic on an earlier Yamal LNG project.”, He added: “Fabrication will be completed in QMW’s mega module workshop which provides increased certainty for safety, schedule and successful project delivery.”. Today, Smulders is an established market leader that offers a full range of services from engineering […], September 17, 2019, It is being jointly developed by Novatek (60%) and Ekropromstroy (40%) with an estimated investment of $25.5bn. Novatek last July closed the sale of participation interests in its Arctic LNG 2 Project to two Chinese companies and a consortium of two Japanese companies thereby forming the structure of the project’s participants. Later that month, TechnipFMC was awarded a contract for work on the Arctic LNG 2. Advertising inquiries – [email protected], Commentary or Opinion – [email protected], Publisher – Alice Rogoff – [email protected], Arctic Today Editor – Krestia DeGeorge – [email protected]. Specifically, the company announced that the project's manufacturing started on 29 November, at the Zhoushan yard in China. Project in progress. ↑Novatek Looks to Build Second Arctic LNG Plant," The Maritime Executive, March 29, 2017. China continues to invest in Arctic natural resources as two Chinese national oil companies secure a 20 percent stake in Russia’s massive Arctic LNG 2 project. Total, the world's second largest private LNG player, owns 10 percent of interest in the project. The project is expected to have a production capacity of 19.8 million tons (Mt) of LNG a year. It concerns the participation of Chinese partners in a project similar to Yamal LNG," Novak said. Have something more to add to the story? “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,” Novatek’s First Deputy Chairman of the Management Board Lev Feodosyev said in a statement. For the records, in the past the Technip France S.A. … McDermott’s joint venture Qingdao McDermott Wuchuan Offshore Engineering (QMW) in Qingdao, China, has been awarded a large contract to provide three complex modules for Novatek’s Arctic LNG 2 Project in Russia. Send your rosume to China acquires 20 percent stake in Novatek’s Arctic LNG 2 Project. The scope includes the fabrication of three pre-assembled unit complex process modules, McDermott said on Tuesday. The project will be the Russian company’s second liquified natural gas production facility in the Arctic following on the heels of the Yamal LNG plant. China is the world’s second-largest LNG market and needs to secure supplies fast. Wo aro also recruiting for all levels Engineers, Technicians, Supewisors, Superintendent, and Managers for Oil and Gas Industry. Arctic LNG 2 project is a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia. by, McDermott completes raising $560M in new funds, McDermott bags NFS FEED job from Qatargas, Online session ‘Careers in Offshore Wind’- Powered by Navingo Career, McDermott’s China JV to build modules for Arctic LNG 2 project, Novatek last July closed the sale of participation interests in its Arctic LNG 2 Project, TechnipFMC was awarded a contract for work on the Arctic LNG 2, to participate in the Joint Venture for the realization of the Arctic LNG 2. please contact us via our advertising form where you can also see our media kit. Work locations: Russia. Company profile page for Arctic LNG 2 OOO including stock price, company news, press releases, executives, board members, and contact information Spotted a typo? Wo aro targeting various profiles in many disciplines (Civil, Electrical, Mechanical, l&C, HVAC and layout). France's TOTAL owns 10%, China's CNPC and CNOOC own 10% each, and the Japanese consortium of Mitsui and JOGMEC owns a 10% stake. The project employs an innovative construction concept using gravity-based structures (GBS). ↑ "Yamal-Nenets government approves Salmanovskoye field development project for Arctic LNG-2," The Arctic, June 23, 2017. The project participants now include Novatek (60%), Total (10%), CNPC (10%), CNOOC (10%), and the Japan Arctic LNG (10%). Arctic LNG 2 is the second large-scale LNG project to be situated in Russia north of the Arctic Circle. The company intends to keep a 60% stake in the project. From Malte Humpert Russia’s largest private natural gas company, Novatek, secured vital funding for its Arctic LNG 2 plant. The scope of work covers the EPC of the three LNG trains and associated topsides, which will be manufactured on a modular basis in Asian and Russian yards. This website uses cookies to improve your experience while you navigate through the website. Arctic LNG 2: A Vast LNG Project in Russia’s Far North Following the success of Yamal LNG, the Group has announced the launch of Arctic LNG 2, a vast LNG project in Russia’s Far North. - Novatek signs MoU with the China Development Bank to cooperate in implementing the Arctic LNG 2 project home > Natural Gas , Lng/Lpg 01.11.2017 13:27 Hüseyin Erdoğan This category only includes cookies that ensures basic functionalities and security features of the website. Despite COVID-19, Novatek’s Arctic LNG 2 project remains on schedule. Construction began earlier this spring on the Gydan Peninsula, just across the Ob delta from the Yamal LNG project on the Yamal peninsula. Zeebrugge received the first shipment from Yamal LNG in May 2018. China continues to invest in Arctic natural resources as two Chinese national oil companies secure a 20 percent stake in Novatek’s massive Arctic LNG 2 project. Project Phase: Desi1ln and Consort ction. Building on the success of that first project, Novatek is thus far sticking with the same project partners. Arctic LNG 2 Project. It is mandatory to procure user consent prior to running these cookies on your website. LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News: TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) has been awarded a major (1) Engineering, Procurement and Construction (EPC) contract by Novatek and its partners for the Arctic LNG 2 project located in the … Why Arctic LNG-2? Offshore Wind With over 50 years of experience in the construction, manufacturing, supply and assembly of steel structures, Smulders was the logical choice for offshore wind structures back in the pioneering days of wind energy almost 20 years ago. Another key building block in Novatek’s strategy to export Arctic LNG to markets in Europe and Asia will be two transshipment hubs outside ice-covered waters near Murmansk, Russia and on the Kamchatka peninsula in the Far East. China’s National Offshore Oil Corp (CNOOC) and National Oil and Gas Development Co. (CNODC) signed up last week to acquire 10% each in the project. But opting out of some of these cookies may have an effect on your browsing experience. To bolster its position exporting LNG on long-term contracts Novatek signed two supply deals with Repsol and Vitol SA for up to one million tons of LNG each per year over a 15-year period. Front-end engineering and design for the project was completed last year, confirming preliminary cost estimates of between $20 billion and $21 billion. TechnipFMC Awarded a Major Contract for the Arctic LNG 2 Project in West Siberia . 1. Novatek operates the Arctic LNG 2 project with a 60% stake. If a partnership does not come to fruition for this project, Saudi Aramco may yet become a partner on future projects as Novatek will begin the search for investors for its Arctic LNG 3 project before the end of 2019. 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