↑ "2017 World LNG Report" International Gas Union, Accessed June 20, 2017. This website uses cookies to improve your experience while you navigate through the website. 1. Besides delivering LNG to long-term project investors in China, Novatek continues to push into the European market. Building on the success of that first project, Novatek is thus far sticking with the same project partners. Construction began earlier this spring on the Gydan Peninsula, just across the Ob delta from the Yamal LNG project on the Yamal peninsula. Send your rosume to CTRL + SPACE for auto-complete. 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. McDermott said that the work will take place at its QMW joint venture in China. From Malte Humpert Russia’s largest private natural gas company, Novatek, secured vital funding for its Arctic LNG 2 plant. Project Phase: Desi1ln and Consort ction. 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. For the records, in the past the Technip France S.A. … 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.”. 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. 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. 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. The other shareholders are Total (10%), China National Petroleum Corporation (10%), China National Offshore Oil Corporation (10%) and Mitsui/Jogmec (10%). 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. 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. 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. Have something more to add to the story? The company said fabrication of the liquefied natural gas (LNG) project in Russia commenced in Zhoushan Yard on Nov. 29. 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. Arctic LNG 2 expands on the success of the adjacent Yamal LNG project at the port of Sabetta. It is being jointly developed by Novatek (60%) and Ekropromstroy (40%) with an estimated investment of $25.5bn. Why Arctic LNG-2? Maybe a nice photo? The field is located in the Gydan Peninsula in YNAO approximately 70 km across the Ob Bay from Yamal LNG. It is a new project for the construction of a gas liquefaction plant. READ MORE: Shinzo Abe: Japan Considering Financing Russia's Yamal LNG Project This category only includes cookies that ensures basic functionalities and security features of the website. Sberbank’s commitment to the Yamal project, which already supplies foreign buyers with Russian LNG, amounted to €2.7 billion ($3.2 billion). McDermott defines a large contract as between $50 million and $250 million. 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. These cookies will be stored in your browser only with your consent. Later that month, TechnipFMC was awarded a contract for work on the Arctic LNG 2. 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. 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. You also have the option to opt-out of these cookies. The investment in the Russian project is a strategic move for China for a variety of reasons. We also use third-party cookies that help us analyze and understand how you use this website. Between Total’s stake and the newly announced Chinese participation, this leaves up to 10 percent up for grabs for Aramco. OOO Arctic LNG 2 is the operator and owner of all the assets. 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. When completed by 2023, the Arctic LNG 2 … The project participants now include Novatek (60%), Total (10%), CNPC (10%), CNOOC (10%), and the Japan Arctic LNG (10%). The Wison Offshore & Marine started its procedures for the Novatek Arctic LNG 2 project. Then in April Novatek cashed in by selling 20% in Arctic LNG-2 to Chinese CNOOC and CNODC, with … The project employs an innovative construction concept using gravity-based structures (GBS). 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. QMW will undertake fabrication engineering, partial procurement, construction, and pre-commissioning scope. Wo aro targeting various profiles in many disciplines (Civil, Electrical, Mechanical, l&C, HVAC and layout). Arctic LNG 2 project is a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia. CLICK HERE FOR SPECIAL OFFER One month subscription for only$1. 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. ↑Novatek Looks to Build Second Arctic LNG Plant," The Maritime Executive, March 29, 2017. In comparison, Qatar, the world’s largest producer, exported around 80 million tons last year. 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. While Novatek holds a 51 percent stake in Yamal LNG, it reportedly aims to keep a 60 percent share of Arctic LNG 2. It is located on the Gydan Peninsula, 70 kilometres across the Ob Bay from Yamal LNG. Taking into account its 19.4 percent stake in Novatek, its overall share is 21.6 percent. Work locations: Russia. 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. Engineering services firm McDermott International has won a contract to help deliver a major liquefied natural gas (LNG) project in Russia. 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. We discuss the challenges with Arnaud Le Foll, Managing Director of Total E&P Russie. 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’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. It is mandatory to procure user consent prior to running these cookies on your website. Zeebrugge received the first shipment from Yamal LNG in May 2018. Why Arctic LNG-2? TechnipFMC Awarded a Major Contract for the Arctic LNG 2 Project in West Siberia . The Arctic liquefied natural gas (LNG) 2 project is being developed in the Gydan Peninsula in the northern part of Siberia, Russia. 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. Project in progress. It feeds China’s need for LNG. China acquires 20 percent stake in Novatek’s Arctic LNG 2 Project. Novatek has also been in discussion with Saudi Arabia’s national oil company Saudi Aramco and reports say it is nearing an agreement. French company Total earlier this month bought a 10 percent stake in the two proposed terminals, estimated to cost around $2.5 billion. 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. Malte Humpert, High North News-June 30, 2020. The first, Yamal LNG, has an annual production capacity of 16.5 million metric tons. 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. 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. Fabrication for the modules is scheduled to start at the end of 2019 and be completed in mid-2022. This follows on from the divestment of a 10% stake to Total in March. Two Chinese national petroleum companies each secured a 10 percent share in the project, the Russian company's second major one in the Arctic. This website uses cookies to improve your experience. Wo aro also recruiting for all levels Engineers, Technicians, Supewisors, Superintendent, and Managers for Oil and Gas Industry. Press release | July 23 2019 . ↑ "Yamal-Nenets government approves Salmanovskoye field development project for Arctic LNG-2," The Arctic, June 23, 2017. 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. 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. “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. 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. Currently, the company employs ship-to-ship transfers of LNG in Norwegian waters near Honningsvåg to reload up to 150 shiploads of LNG. Company profile page for Arctic LNG 2 OOO including stock price, company news, press releases, executives, board members, and contact information The company intends to keep a 60% stake in the project. 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. 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. - 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 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 … The designation refers to McDermott’s share of the award via its joint venture. Companies sign deals to construct carriers for Arctic LNG 2. The scope includes the fabrication of three pre-assembled unit complex process modules, McDermott said on Tuesday. 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. Upcoming decision on Ob LNG. Write CSS OR LESS and hit save. The Arctic LNG 2 project aims to develop more than 7 billion barrels of oil equivalent (boe) of resources. It concerns the participation of Chinese partners in a project similar to Yamal LNG," Novak said. The Utrenneye field is the resource base for Arctic LNG 2. The project is expected to have a production capacity of 19.8 million tons (Mt) of LNG a year. Advertising inquiries – [email protected], Commentary or Opinion – [email protected], Publisher – Alice Rogoff – [email protected], Arctic Today Editor – Krestia DeGeorge – [email protected]. Arctic LNG 2 project is a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia. Spotted a typo? Specifically, the company announced that the project's manufacturing started on 29 November, at the Zhoushan yard in China. But opting out of some of these cookies may have an effect on your browsing experience. The Arctic LNG 2 project is 60% owned by Novatek. These cookies do not store any personal information. We'll assume you're ok with this, but you can opt-out if you wish. Despite COVID-19, Novatek’s Arctic LNG 2 project remains on schedule. Necessary cookies are absolutely essential for the website to function properly. 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. 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. Front-end engineering and design for the project was completed last year, confirming preliminary cost estimates of between $20 billion and $21 billion. 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 … The value of the contract is expected to be in range between $50m and $250m. Contact our editorial team via email. Total, the world's second largest private LNG player, owns 10 percent of interest in the project. “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. "The issue of the development of the Arctic LNG project is being discussed. “Arctic LNG 2 will be a gamechanger in the global gas market.”. 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. 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. Arctic LNG 2 is the second large-scale LNG project to be situated in Russia north of the Arctic Circle. Novatek operates the Arctic LNG 2 project with a 60% stake. ... China looks to further its Arctic role by constructing Arc7 LNG... Malte Humpert, High North News-January 22, 2020. 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. 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. 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. Arctic LNG 2 Project. 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