Regional LNG: Total, Novatek to jointly develop Yamal LNG project in Rusia

French oil and gas company Total has signed agreement with Novatek to jointly develop the Yamal LNG project in Russia, becoming the main international partner on this gas liquefaction project with a 20 percent share. Novatek intends to keep at least a 51 percent interest in the project.

?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 a Liquefied Natural Gas (LNG) plant in the area,? said Yves-Louis Darricarr?re, 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 tons of LNG per year.

With this project, Total will have access to proved and probable (2P) reserves of approximately 800 million barrels of oil equivalent (boe) within the license duration and to a plateau production of about 90,000 boe per day. The project has been declared of national interest by the Russian authorities. (*)