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CNOOC and CNODC win 20% interest in Arctic LNG 2 project

Leading Chinese energy industry players China National Offshore Oil Corporation (CNOOC) and China National Oil and Gas Exploration and Development Company (CNODC), a subsidiary of China National Petroleum Corporation, have secured a 10% interest each in the Russian Arctic LNG 2 project.

CNOOC and CNODC have already signed the binding agreements for the acquisition of the participant interests in Novatek’s Arctic LNG 2 project.

The agreement is an important milestone in the Arctic LNG 2 project implementation as well as a continuation of our successful cooperation with CNPC, while CNOOC joining the project is a major step since China represents a key consuming market for the company’s LNG sales, said the company.

Novatek is one of the largest natural gas producers in Russia. The company entered the global gas market by launching the Yamal LNG project in 2017.

The Arctic LNG 2 project is constructing three LNG trains at 6.6m tons per annum each. The project is based on the hydrocarbon resources of the Utrenneye field, which is the second large-scale LNG project led by Novatek after Yamal LNG project.

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