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Novatek plans to prepare Arctic LNG feasibility study by 2018 — CEO

June 17, 15:52 UTC+3
Novatek plans to contract 50% of the Arctic LNG
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© Piotr Tsirendorzhiev/ITAR-TASS

ST. PETERSBURG, June 17. /TASS/. Novatek plans to prepare the Arctic LNG plant feasibility study at 2017 year-end, Chief Executive Officer of the Russian gas producer Leonid Mikhelson said on Friday in an interview at the St. Petersburg International Economic Forum (SPIEF).

"We plan to finalize the process concept this year. These are issues pertaining to capacity of the liquefaction line, license and equipment. A huge work scope should be made on the basis of this concept in order to complete the feasibility study," Mikhelson said. The provisional deadline to do that is at the turn of 2017, he added.

Proven and probable resources within the framework of the Arctic LNG project amount to 1.5 trillion cubic meters of natural gas under SEC classification. The resource potential equals 2 trillion cubic meters of gas.

Novatek plans to contract 50% of Arctic LNG project gas and reserve the other portion for spot trading.

"We will try not to contract 100% of production when selling Arctic LNG gas but to reserve a portion for spot trading," Mikhelson said. About 50% are meant, he added.

Mikhelson said Novatek views different options for capacity of the Arctic LNG Plant under construction and tends to make it higher than at the Yamal LNG project. "We viewed options similar to Yamal LNG projects. However, now we are considering - mind that the decision has not yet made - trains with the capacity of 6 mln tonnes per year," Mikhelson said. The capacity of Yamal LNG project trains is 5-5.5 mln tonnes per year.

According to Mikhelson, partners of Novatek in the Yamal LNG project are interested in the Arctic LNG project but negotiations are not held. "There is a signal, nothing more," Mikhelson said. The interest is seen on their part but negotiations are not held, he added.

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