Novatek closes in on Arctic LNG 2
FID on Novatek’s second Arctic LNG production project, expected in Q3 2019, appears to be a formality
The rule that a new multi-billion-dollar energy project cannot truly be regarded as under way until its sponsors have reached a final investment decision (FID) does not seem to apply to Novatek's Arctic LNG 2 (ALNG2). FID on the 19.8mn t/yr Russian liquefaction project is not due until Q3 but construction has been underway for months. It is not just the case that a handful of long-lead time items were ordered well in advance to ensure they do not cause unnecessary delays once construction begins-a large chunk of the $20-21bn project cost has already been committed. "More than 75pc of the equipment for the project" has been contracted, says Novatek's deputy chairman, Mark Gyetvay, adding that
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
