Saint-Petersburg, 7 June 2019. As part of today’s Saint-Petersburg International Economic Forum, PAO NOVATEK (“NOVATEK” and/or the “Company”) announced that it has signed the Share Purchase Agreement (“Agreement”) with CNOOC Ltd. (“CNOOC”) in relation to the sale of a 10% participation interest in the Arctic LNG 2 project. The Agreement will close in the nearest future subject to approval by regulatory authorities of the Russian Federation and the People’s Republic of China.
The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The Project is based on the hydrocarbon resources of the Utrenneye field. As of 31 December 2018, the Utrenneye field’s 2P reserves under PRMS totaled 7,981 million barrels of oil equivalent. Under the Russian classification reserves totaled 13,835 million barrels of oil equivalent. OOO Arctic LNG 2 owns an LNG export license.