• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 10 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 13 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 2 hours Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 2 hours Theresa May to Step Down
  • 13 hours Total nonsense in climate debate
  • 14 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 3 hours Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 16 hours Will Canada drop Liberals, vote in Conservatives?
  • 1 day IMO 2020 could create fierce competition for scarce water resources
  • 17 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 17 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 9 hours Australian Voters Reject 'Climate Change' Politicians
  • 13 hours Apple Boycott in China
The Trade War Is Transforming Oil Markets

The Trade War Is Transforming Oil Markets

China-US trade talks have exposed…

The Fear Driven Oil Price Rally Won’t Last

The Fear Driven Oil Price Rally Won’t Last

Oil prices have risen on…

Total Joins $25 Billion Russian Arctic LNG Project

LNG carrier

French Total will buy a 10-percent stake in Russian Novatek’s LNG-2 project in the Arctic, Novatek’s chief, Leonid Mikhelson, said, as quoted by Reuters. France’s President Emmanuel Macron is visiting Russia for the St. Petersburg economic forum this week and the Total deal was signed during his visit.

Total already holds a 20-percent stake in Novatek and is one of the partners developing the company’s first LNG project in Yamal, along with Chinese CNPC and Silk Road Fund. This second deal for Arctic LNG-2 could be finalized in the first quarter of 2019, Mikhelson said, adding that the project could be worth around US$25.5 billion. The final investment decision may be made in the second half of 2019.

Total, Novatek’s CEO also said, will have an option of increasing its stake in the project by 5 percent, but the Russian company intends to maintain a share of at least 60 percent in Arctic LNG-2.

Total was recently forced to reconsider its participation in the South Pars field development in Iran by President Trump’s reimposition of economic sanctions on Iran. The company has not yet pulled out of the project, but it has said it will have to unless the U.S. Treasury Department grants it a sanction waiver. The EU is also trying to shield its companies from the Iran sanctions.

Related: Who’s To Blame For High Gasoline Prices?

Russia’s LNG industry is not subject to sanctions, which focus on unconventional oil and gas, but, as Total’s chief executive Patrick Pouyanne put it to reporters in St. Petersburg, “nothing is sanction bullet proof”.

Yamal LNG began operation last December and has already shipped two million tons of LNG. The facility, when completed, will have an annual capacity of 16.5 million tons of the liquefied fuel.

Arctic LNG 2 could have a capacity of 19.8 million tons, and could go into operation in 2023.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News