6 Feb 2023 16:49

Novatek expects to take final investment decision on Obsky LNG in Q2-Q3 2023

BANGALORE. Feb 6 (Interfax) - Novatek expects to take a final investment decision on the Obsky LNG project in the second or third quarter of 2023, CEO Leonid Mikhelson told reporters on the sidelines of India Energy Week.

"We are trying to make an investment decision at the end of the second or third quarter," he said.

"We have a resource base for two lines of Obsky LNG. We looked at the [project configuration] - 6 million tonnes of LNG and over 2 million tonnes of ammonia. We have postponed this project for the time being. In terms of the raw material base, two years ago we received two more deposits - the Arkticheskoye and Neitinskoye. We are currently doing exploration work and believe that in 2-3 years the project will be ready. These projects will be used to maintain a very long-term plateau of production," the CEO said.

"What is very important, and I also told Prime Minister Modi, is that the Obsky LNG will be made under license from Novatek, almost entirely on Russian equipment. We remove the risks of supplying [equipment from abroad]" Mikhelson said.