NOVATEK has obtained State Reserve Commission approval for Utrenneye field reserves growth

As a result, the projected capacity of Arctic LNG 2 is expected to exceed Yamal LNG by 10-15%.

The increase in ABC1+C2 Utrenneye reserves up to 1,6tn bcm of natural gas and 65m t of NGLs was approved.

Taking into account Jurassic deposits, overall field reserves will grow by 320bn cbm of gas and 33m t of NGLs. A total of 30 bcma of natural gas will be produced at the field annually.

As a reminder, Utrenneye field is the resource base for Arctic LNG 2 project situated on Gydan peninsula. Start of new facility construction is scheduled for 2019, with commissioning in 2023.

Project CAPEX will be 2.5-fold lower than Arctic LNG project, accounting for 10bn USD, instead of 27bn USD. Whereas the capacity of the projected plant is expected at 18 mtpa of LNG versus 16.5 mtpa.

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