According to Reuters, Mark Gyetvay, Novatek Chief Financial Officer, has said that the cost of the company’s proposed Arctic LNG 2 project is in the US$500 – US$750/t range.
Gyetvay discussed the northern Russian project while speaking at a conference in London on Tuesday. A final investment decision (FID) was taken on the project just last month.
According to Reuters, the CFO said that, by adapting lessons learned from Yamal – the company’s first LNG project – Novatek has been able to reduce costs by approximately 30%. Reportedly, he added that the LNG trains will now be condensed and fitted onto a floating barge.
Gyetvay said: “I think we’re in that range of US$500 – US$750 and I think if we can stick in that range, you’ll see the project moving forward.”