Aramco Visited Arctic LNG 2: Novatek
Saudi Aramco is among the companies to have visited the planned Arctic LNG 2 project, according to the latter's developer Russian gas independent Novatek.
Mark Gyetvay, Novatek CFO and deputy chairman, told the Oil & Money conference October 9 in London he was unable to say when the Final Investment Decision (FID) would be taken on Arctic LNG 2, but that FID could be taken with the bulk of LNG sold spot, and later underpinned by a long-term contract. The three Arctic LNG trains could total 19.8mn metric tons/yr capacity, he added.
He confirmed the Saudi Aramco visit to the project. Eight months ago Saudi Aramco and Novatek signed a memorandum of understanding that included possible LNG cooperation.
Gyetvay also said new technology is being used to build train 4 at Yamal LNG, the project that has already exported in excess of 5mn mt. He said that operational performance during 1Q2018 was 109%, so in excess of operating trains' capacity, and that there was no shortage of reserves in the region for developments.
The Novatek CFO also said that reserve auditors Degolyer & Macnaughton were expected to certify a substantial boost at end of this year to reserves underpinning Arctic LNG 2, adding that this could be enough for at least 30 years of Gydan gas production at 30bn m3/yr.
During a visit last week by Russian president Vladimir Putin to India, unspecified Indian firms expressed interest in participating in Arctic LNG 2 according to a joint statement by both governments.