This category only includes cookies that ensures basic functionalities and security features of the website. While Novatek holds a 51 percent stake in Yamal LNG, it reportedly aims to keep a 60 percent share of Arctic LNG 2. McDermott’s joint venture Qingdao McDermott Wuchuan Offshore Engineering (QMW) in Qingdao, China, has been awarded a large contract to provide three complex modules for Novatek’s Arctic LNG 2 Project in Russia. Novatek and its partners recently made the final investment decision (FID) on the $21.3bn Arctic LNG 2 project and first LNG deliveries are expected in … LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News: TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) has been awarded a major (1) Engineering, Procurement and Construction (EPC) contract by Novatek and its partners for the Arctic LNG 2 project located in the … This website uses cookies to improve your experience. China’s National Offshore Oil Corp (CNOOC) and National Oil and Gas Development Co. (CNODC) signed up last week to acquire 10% each in the project. CTRL + SPACE for auto-complete. Building on the success of that first project, Novatek is thus far sticking with the same project partners. McDermott defines a large contract as between $50 million and $250 million. “The agreement is an important milestone in our Arctic LNG 2 project implementation as well as a continuation of our successful cooperation with CNPC,” noted Leonid Mikhelson, Novatek’s Chairman of the Management Board. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The scope includes the fabrication of three pre-assembled unit complex process modules, McDermott said on Tuesday. For the records, in the past the Technip France S.A. … Write CSS OR LESS and hit save. China continues to invest in Arctic natural resources as two Chinese national oil companies secure a 20 percent stake in Novatek’s massive Arctic LNG 2 project. These cookies will be stored in your browser only with your consent. In comparison, Qatar, the world’s largest producer, exported around 80 million tons last year. Sberbank’s commitment to the Yamal project, which already supplies foreign buyers with Russian LNG, amounted to €2.7 billion ($3.2 billion). Project Phase: Desi1ln and Consort ction. Contact our editorial team via email. Taking into account its 19.4 percent stake in Novatek, its overall share is 21.6 percent. READ MORE: Shinzo Abe: Japan Considering Financing Russia's Yamal LNG Project OOO Arctic LNG 2 is the operator and owner of all the assets. Besides delivering LNG to long-term project investors in China, Novatek continues to push into the European market. Companies sign deals to construct carriers for Arctic LNG 2. Advertising inquiries – [email protected], Commentary or Opinion – [email protected], Publisher – Alice Rogoff – [email protected], Arctic Today Editor – Krestia DeGeorge – [email protected]. Arctic LNG 2 project is a major liquefied natural gas development led by Novatek on the Gydan Peninsula, Russia. Have something more to add to the story? To lower the cost of the natural gas, the LNG trains will be built on top of three concrete gravity-based structures which will be held in position by their weight. The field is located in the Gydan Peninsula in YNAO approximately 70 km across the Ob Bay from Yamal LNG. Fabrication for the modules is scheduled to start at the end of 2019 and be completed in mid-2022. The investment in the Russian project is a strategic move for China for a variety of reasons: It feeds China’s need for LNG: China is the world’s second-largest LNG market and needs to secure supplies fast. Work locations: Russia. Despite COVID-19, Novatek’s Arctic LNG 2 project remains on schedule. These cookies do not store any personal information. China’s Wison Offshore & Marine has started fabrication work for Novatek’s Arctic LNG 2 project ahead of schedule, potentially resulting in cost benefits for developers, Kallanish Energy reports. From Malte Humpert Russia’s largest private natural gas company, Novatek, secured vital funding for its Arctic LNG 2 plant. Construction began earlier this spring on the Gydan Peninsula, just across the Ob delta from the Yamal LNG project on the Yamal peninsula. Send your rosume to The scope of work covers the EPC of the three LNG trains and associated topsides, which will be manufactured on a modular basis in Asian and Russian yards. At the end of 2018 the company announced that it will deliver its product to the port of Zeebrugge in Belgium from where it can be distributed to Germany’s Ruhr region and across Europe. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit. “Arctic LNG 2 will be a gamechanger in the global gas market.”. Company profile page for Arctic LNG 2 OOO including stock price, company news, press releases, executives, board members, and contact information The project employs an innovative construction concept using gravity-based structures (GBS). French company Total earlier this month bought a 10 percent stake in the two proposed terminals, estimated to cost around $2.5 billion. The Arctic LNG 2 project aims to develop more than 7 billion barrels of oil equivalent (boe) of resources. This website uses cookies to improve your experience while you navigate through the website. To bolster its position exporting LNG on long-term contracts Novatek signed two supply deals with Repsol and Vitol SA for up to one million tons of LNG each per year over a 15-year period. We'll assume you're ok with this, but you can opt-out if you wish. Press release | July 23 2019 . McDermott’s joint venture Qingdao McDermott Wuchuan Offshore Engineering (QMW) in Qingdao, China, has been awarded a large contract to provide three complex modules for Novatek’s Arctic LNG 2 Project in Russia. Later that month, TechnipFMC was awarded a contract for work on the Arctic LNG 2. However, Novatek recently made it clear that it does not seek to repeat this type of operation in the future, in part due to challenging weather conditions. ↑Novatek Looks to Build Second Arctic LNG Plant," The Maritime Executive, March 29, 2017. Another key building block in Novatek’s strategy to export Arctic LNG to markets in Europe and Asia will be two transshipment hubs outside ice-covered waters near Murmansk, Russia and on the Kamchatka peninsula in the Far East. Thus far, the majority of Novatek’s Arctic LNG has been delivered to ports in Western Europe, namely Belgium, the Netherlands, France and the United Kingdom. China continues to invest in Arctic natural resources as two Chinese national oil companies secure a 20 percent stake in Novatek’s massive Arctic LNG 2 project. At the beginning of August, Saipem reached an agreement with Technip France SA and NIPIgaspererabotka to participate in the Joint Venture for the realization of the Arctic LNG 2 project with a share worth approximately €2.2 billion. Between Total’s stake and the newly announced Chinese participation, this leaves up to 10 percent up for grabs for Aramco. The project will be the Russian company’s second liquified natural gas production facility in the Arctic following on the heels of the Yamal LNG plant. The designation refers to McDermott’s share of the award via its joint venture. McDermott’s Senior Vice President Asia Pacific, Ian Prescott, said: “This award recognizes QMW’s experience and excellent performance in the Arctic on an earlier Yamal LNG project.”, He added: “Fabrication will be completed in QMW’s mega module workshop which provides increased certainty for safety, schedule and successful project delivery.”. But opting out of some of these cookies may have an effect on your browsing experience. Why Arctic LNG-2? Why Arctic LNG-2? The first, Yamal LNG, has an annual production capacity of 16.5 million metric tons. The Wison Offshore & Marine started its procedures for the Novatek Arctic LNG 2 project. "The issue of the development of the Arctic LNG project is being discussed. It feeds China’s need for LNG. ↑ "Yamal-Nenets government approves Salmanovskoye field development project for Arctic LNG-2," The Arctic, June 23, 2017. It is located on the Gydan Peninsula, 70 kilometres across the Ob Bay from Yamal LNG. This follows on from the divestment of a 10% stake to Total in March. China is the world’s second-largest LNG market and needs to secure supplies fast. Arctic LNG 2 expands on the success of the adjacent Yamal LNG project at the port of Sabetta. If a partnership does not come to fruition for this project, Saudi Aramco may yet become a partner on future projects as Novatek will begin the search for investors for its Arctic LNG 3 project before the end of 2019. 1. The investment in the Russian project is a strategic move for China for a variety of reasons. French energy major Total, which holds a 20 percent stake in Yamal LNG, already bought a 10 percent share in Arctic LNG 2 last year. Then in April Novatek cashed in by selling 20% in Arctic LNG-2 to Chinese CNOOC and CNODC, with … Wo aro also recruiting for all levels Engineers, Technicians, Supewisors, Superintendent, and Managers for Oil and Gas Industry. Maybe a nice photo? QMW will undertake fabrication engineering, partial procurement, construction, and pre-commissioning scope. - Novatek signs MoU with the China Development Bank to cooperate in implementing the Arctic LNG 2 project home > Natural Gas , Lng/Lpg 01.11.2017 13:27 Hüseyin Erdoğan Arctic LNG 2: A Vast LNG Project in Russia’s Far North Following the success of Yamal LNG, the Group has announced the launch of Arctic LNG 2, a vast LNG project in Russia’s Far North. McDermott said that the work will take place at its QMW joint venture in China. Novatek operates the Arctic LNG 2 project with a 60% stake. The Arctic LNG 2 project is 60% owned by Novatek. Novatek and the Belgian company Fluxys, operator of natural gas transmission and storage infrastructure, signed a 20-year contract for LNG transshipment services at Zeebrugge for up to 8 million tons per year. Novatek has also been in discussion with Saudi Arabia’s national oil company Saudi Aramco and reports say it is nearing an agreement. When completed by 2023, the Arctic LNG 2 … ... China looks to further its Arctic role by constructing Arc7 LNG... Malte Humpert, High North News-January 22, 2020. Engineering services firm McDermott International has won a contract to help deliver a major liquefied natural gas (LNG) project in Russia. Project in progress. CLICK HERE FOR SPECIAL OFFER One month subscription for only$1. The development will consist of three liquefied natural gas (LNG) trains, each with a capacity of 6.6 Mtpa, which will be installed on three gravity-based structure platforms. 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