Design of LNG port for NOVATEK to be completed in summer of 2012
ST. PETERSBURG. July 7 (Interfax) - The design of an LNG port complex at Sabetta on the Gulf of Ob for NOVATEK will be completed in the summer of 2012, Deputy Transportation Minister Viktor Olersky told journalists in St. Petersburg, commenting on work being performed by the LenmorNIIproyekt institute.
The port, along with Gazprom's project to build an LNG terminal on the Kola Peninsula near the Teriberka River, will be completed by the time production at the Shtokman field commences.
The NOVATEK complex is scheduled to begin operation in 2018.
The port is being built for the Yamal LNG project, in which NOVATEK has 51% interest, French Total has 20% and the remaining 29% is earmarked for other foreign partners. The project will see construction of an LNG plant with 15.5 million tonnes of capacity in 2016-2018.
The Shtokman field is located in the central shelf portion of Russia's Barents Sea zone 550 kilometers from shore in water 340 meters deep. Reserves in place total 3.9 trillion cubic meters of gas and 56 million tonnes of condensate.
A final investment decision on implementation of the Shtokman project is planned for later this year. If the project gets the go-ahead, pipeline gas could begin flowing in 2016 and LNG - in 2017. Production will total 23.7 billion cubic meters a year in Phase 1.
RTS$#&: GAZP, NVTK