The European Commission (EC) has approved French energy giant Total’s acquisition of a 20.5 percent stake in the Yamal liquefied natural gas project in the Russian Arctic, the Commission said on Tuesday.
Total is participating in five production projects in Russia and owns a stake in the country’s largest independent gas producer Novatek, which holds a majority interest in the Yamal LNG project.
investment in the project to produce liquefied natural gas on the Yamal Peninsula in the Russian Arctic is estimated at $15-20 billion and envisages the development of the giant Yuzhno-Tambeiskoye gas condensate field and the construction of a LNG plant. Novatek also plans to build a sea port in the Sabetta village in Yamal and an ice-breaker tanker fleet.
The Yuzhno-Tambeiskoye field has estimated reserves of 1.3 trillion meters of gas under categories 1+2. The field’s reserves amount to 418 billion cubic meters of gas and 15 million tons of gas condensate.