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CEO’s Meet Virtually to Discuss Status of Arctic LNG Project

Source: www.gulfoilandgas.com 6/12/2020, Location: Asia

PAO NOVATEK (“NOVATEK”) announced that a working meeting was held regarding the Arctic LNG 2 project with the respective CEO’s of the partner companies. The working meeting, which took place in the form of a video conference, was attended by Leonid Mikhelson (NOVATEK), Patrick Pouyanne (TOTAL), Dai Houliang (CNPC), Wang Dongjin (CNOOC), Tatsuo Yasunaga (Mitsui) and Tetsuhiro Hosono (JOGMEC) (collectively, the “Partners”).

During the meeting, the Partners noted the current progress on implementing the Arctic LNG 2 project. Despite the impact of COVID-19, the Project’s participants managed to meet the schedule in all areas. Currently, the overall progress for the Project is estimated at 19%, with concrete casting of the first GBS platform estimated to be completed by 37%. The module fabrication yards are working at full capacity. Contractors under construction/EPC contracts are fully mobilized, and supply contracts have been signed and are being fulfilled. Nine (9) production wells have already been drilled at the Utrenneye field with three (3) drilling rigs in operation. The Partners expressed confidence that the Project will commence on time based on the current progress.

In addition, significant progress has been made in contracting LNG volumes from the Project. The Partners also discussed the current status of the Project’s external financing and confirmed their focus on ensuring its completion on schedule.

"We held the first joint meeting with the CEO’s of our partners in Arctic LNG 2 to discuss the current progress in a virtual format,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “This unique project employs an innovative construction concept using gravity-based structures, or GBS, a logistical scheme with year-round navigation via the Northern Sea Route, as well as extensive localization of equipment and materials manufacturing in Russia. All shareholders confirmed their best efforts to implement the Project according to our time schedule”.

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