Total holds a 20% direct interest in the job that will develop greater than 5 billion barrels of oil equivalent to reservations.
“The successful sanction of Yamal LNG reinforces Total’s worldwide portfolio to keep up post-2017 generation over the following decades and further increases our existence in a high potential area of Russia when it comes to petrol resources”, said Yves-Louis Darricarrère, President Upstream at Absolute “Yamal LNG has made great improvement in recent months and Absolute will join forces with Novatek by exploiting all of its own expertise and attempt to produce this top-grade LNG job within program.”
The job will comprise three LNG trains of 5.5 Mt/y each, with the first train scheduled to start up in 2017, LNG storage tanks and seaport infrastructure in the port of Sabetta. The building of the infrastructure (airport, seaport, camps) is already well progressed with more than 3,000 employees actively involved on site. To be able to transport the LNG to markets that are international, up to sixteen will likely be utilized.
Around 70% of the LNG creation of the Yamal LNG job has been sold under long term petroleum- cost contracts that were linked, directed mainly to Asia, as well as the remainder to Europe.
Yamal LNG is now possessed by Novatek (80%) and Total (20%). In September 2013, Novatek and China National Petroleum Corporation (CNPC) concluded an arrangement whereby CNPC is likely to obtain a 20% equity share in Yamal LNG.