Novatek Aims 33 mt LNG Production by 2025

Russian gas company Novatek aims to produce around 33 million tons of LNG by 2025.

Denis Khramov, chairman of the management committee of the company, said Monday that 33 mt would comprise around 7 percent of global LNG market, reported Sputnik.

"The overall goal is to produce 33 million tons of LNG by 2025, which, according to our estimates, will take up to 7 percent of the world market," Khramov said at a session of the ‘Trade and industrial dialogue: Russia – Japan’ forum in Tokyo.

Novatek is developing LNG projects on the Yamal and Gydan peninsulas in Siberia. The project envisages construction of two LNG plants — Yamal LNG and Arctic LNG.

The Yamal LNG project envisages the construction of an LNG plant with annual capacity of 16.5 million tons per annum based on the feedstock resources of the South-Tambeyskoye field. According to estimates, the proven and probable reserves of the South-Tambeyskoye field as of 31 December 2014 were appraised at 926 billion cubic meters of natural gas. The project is currently at the active construction stage. The first Yamal LNG plant is scheduled to become operational in 2017.

The Arctic LNG project includes the construction of a new LNG plant in the port of Sabetta. The construction is scheduled to commence 2018.