Russia: Total Expands Partnership with Novatek Through Arctic LNG 2 Project
24 Mayo 2018 - 1:42PM
Business Wire
Regulatory News:
In the presence of the President of the Russian Federation,
Vladimir Putin, and the President of the French Republic, Emmanuel
Macron, Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an
agreement with Novatek outlining the terms upon which Total shall
acquire a direct working interest of 10% in Arctic LNG 2, a giant
liquefied natural gas project lead by Novatek on the Gydan
Peninsula in the north of Siberia.
Taking account of Total’s approximate 19% stake in Novatek and
Novatek’s intention to retain 60% of the project, the Group's
overall economic interest in this new LNG project will be
approximately 21.5%. Should Novatek decide to reduce its
participation below 60%, Total will have the possibility to
increase its direct share up to 15%.
Novatek and Total have also agreed that Total will have the
opportunity to acquire a 10 to 15% direct interest in Novatek's
future LNG projects in Yamal and Gydan.
“Total is delighted to be part of this new world class LNG
project alongside its partner Novatek, leveraging the positive
experience acquired in the successful Yamal LNG project. This
project fits into our strategic partnership with Novatek and also
with our sustained commitment to contribute to developing the vast
gas resources in Russia’s far north which will primarily be
destined for the strongly growing Asian market." said Patrick
Pouyanné, Chairman and CEO of Total. “Arctic LNG 2 will contribute
to our strategy of growth in LNG by developing competitive projects
based on giant low costs resources.”
With a production capacity of approximately 19.8 million tons
per year (Mt/year), or 535,000 barrels of oil equivalent per day
(boe/d), Arctic LNG 2 will unlock more than 7 billion boe of
hydrocarbons’ resources in the onshore Utrenneye gas and condensate
field. The project will involve the installation of three
gravity-based structures in the Gulf of Ob on which will be
installed the three liquefaction trains of 6.6 Mt/year capacity
each.
In the same way as for Yamal LNG, Arctic LNG 2 production will
be delivered to international markets by a fleet of ice-class LNG
carriers that will be able to use the Northern Sea Route for
cargoes destined for Asia.
The final investment decision is expected in 2019, with plans to
start up the first train by end 2023.
Total in Russia
Total has been present in Russia for almost 25 years. In 2017,
the Group's production averaged 318,000 boe/d. This production
comes from the Kharyaga (20%) and Termokarstovoye (49%) fields, as
well as others through Total's stake in Novatek (19%). Total is
also partner in the Yamal LNG project (20%), which began exporting
liquefied natural gas in late 2017.
About Total
Total is a global integrated energy producer and provider, a
leading international oil and gas company and a major player in
low-carbon energies. Our 98,000 employees are committed to better
energy that is safer, cleaner, more efficient, more innovative and
accessible to as many people as possible. As a responsible
corporate citizen, we focus on ensuring that our operations in more
than 130 countries worldwide consistently deliver economic, social
and environmental benefits.
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group”
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
“we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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