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Saipem technology to slash cost of Arctic LNG 2

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LNG Industry,

Reuters is reporting that the Arctic LNG 2 project, located in Russia, will be approximately one third cheaper than the Yamal LNG project, thanks to technology from Saipem.

Saipem’s gravity-based structure (GBS) platforms are to be used in the gas liquefaction process at Arctic LNG 2. This technology has previously been used in North Sea and other gas projects, however this is their first use in Russia.

Novatek, the majority stakeholder in the Arctic project (70%), has reportedly estimated that it will cost US$20 billion to US$21 billion. In comparison, the Yamal LNG project cost a total of US$27 billion.

Arctic LNG 2 is due to commence operations in 2022/23, with a total LNG capacity of 19.8 million tpy (the largest in Russia).

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