Total has signed the final agreements to jointly develop the Yamal LNG project, becoming the main international partner on this gas liquefaction project with a 20% share. Novatek intends to keep at least a 51% interest in the project.
“Total is very pleased to be given this opportunity to be pioneers in an untapped region. We will work with Novatek to unlock the Yamal peninsula gas potential using world-class technology and combining the expertise of both companies as we build an LNG plant in the area,” said Yves-Louis Darricarrère, President Total Exploration & Production.
The Yamal LNG project will develop the South Tambey field located in the arctic area of the Yamal peninsula. The resources of this condensate and gas field will allow production of more than 15 million tpy of LNG. With this project, Total will have access to proved and probable (2P) reserves of approximately 800 million barrels of oil equivalent (boe) within the licence duration and to a plateau production of about 90,000 boe per day. Since 2009, Total and Novatek are also jointly developing the Termokarstovoye field.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07102011/total_signs_final_agreement_with_novatek_for_yamal_lng_development/