We now have formed the structure of the Project’s participants by successfully closing the sale of interests in Arctic LNG 2. The target level of Novatek's participation has been reached, allowing us to make the final investment decision and optimally use the Company's cash flow to finance our new projects,

...noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board.

The Arctic LNG 2 project is an LNG plant that will be built by Novatek on the Gydan Peninsula.

The project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms.

The Project is based on the hydrocarbon resources of the Utrenneye field. As of 31 December 2018, the Utrenneye field’s 2P reserves under PRMS totaled 1,138 billion cubic meters of natural gas and 57 million tons of liquids.

Under the Russian classification, reserves totaled 1,978 billion cubic meters of natural gas and 105 million tons of liquids.

The project participants now include Novatek (60%), Total (10%), CNPC (10%), CNOOC (10%) and the Japan Arctic LNG (10%).

Arctic LNG 2 is expected to be completed by 2023 and will export gas from Novatek's Salmanovskoye and Geofizicheskoye fields.