On 29 June 2019, Novatek announced that it had signed a Sales and Purchase Agreement with Japanese Mitsui and JOGMEC for a 10% stake in Arctic LNG 2 project in Yamalo-Nenets Autonomous Okrug (Western Siberia). The agreement also foresees a long-term LNG offtake of 2 MMtpa of LNG by Japanese partners. The deal will be finalized after regulatory approvals.  Note that on 5 March 2019, Novatek and Total SA signed a Sales and Purchase Agreement transferring to Total a 10% stake at the Arctic LNG 2 followed, on 7 June 2019, by the signature of Sales and Purchase Agreements with CNODC and CNOOC regarding the sale of 10% stakes in the Arctic LNG 2 project to each of Chinese companies. (CNODC is a wholly owned subsidiary of CNPC).  Arctic LNG 2 will include three liquefaction trains with capacity of 6.6 MMtpa each installed on gravity-based platforms in the Ob Estuary. The Salmanovskoye (Utrenneye) gas/condensate discovery is the feedstock for the LNG plant. In 2014-2017, Novatek-subsidiary Arctic SPG2 drilled six appraisal wells that resulted at extension of the discoveryâs productive area and increase of its reserves. As the end of 2018, the company estimated 3P reserves of the discovery at 67.7 Tcf of gas and 840 MMbbl of condensate and oil. Salmanovskoye, discovered in 1979, is located in the South Kara-Yamal Province in the Gydan Peninsula with a minor extension to the Ob estuary. About 60 identified hydrocarbon accumulations are distributed within the 2,100 m sedimentary section aging from Valanginian to Cenomanian.
Novatek announced that it had signed a Sales and Purchase Agreement with Japanese Mitsui and JOGMEC for a 10% stake in Arctic LNG 2 project in Yamalo-Nenets Autonomous Okrug (Western Siberia).