NOVATEK is set to produce up to 70 million tonnes of liquefied natural gas per year in the Arctic by 2030, IAA PortNews correspondent cites Leonid Mikhelson, Chairman of NOVATEK Management Board, as saying at the ‘Arctic: Territory of Dialogue’ forum being held in Saint-Petersburg.
According to him, initial plans were to produce 57 million tonnes of LNG per year by 2030.
“We are currently performing extensive geological exploration works having increased their financing about five-six times. Those works are primarily conducted on the Gydan and Yamal peninsulas. I believe that we will be able to revise our strategy between 2021 and 2022 with the increase to 70 million tonnes planned by 2030”, said Leonid Mikhelson.
The head of NOVATEK also assumed that LNG production in the Arctic will reach 140 million tonnes by 2035 with Russia to hold 20% of the global LNG market.
The Forum is a key platform for discussing current issues relating to the socioeconomic development of Arctic regions and for developing multi-level, multilateral mechanisms for joint discovery and effective exploitation of the Arctic’s rich natural resource potential.
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