Novatek signs Arctic projects equipment, cooperation deals

Novatek signs Arctic projects equipment, cooperation dealsImage courtesy of Novatek

Novatek, Russia’s largest private gas producer, has signed a series of cooperation deals for the equipment supply and the development of Arctic projects. 

The company said in separate statements it has signed an agreement of intent with Gazprom Neft to establish a joint venture that would explore and develop Arctic hydrocarbon fields.

“Together, we successfully launched our joint venture Arcticgas, which offered unique challenges in developing deeper producing horizons,” Novatek’s head Leonid Mikhelson said.

He added that the experience of working together creates a solid base for expanding the mutually beneficial cooperation in the Arctic zone.

Additionally, Novatek signed a memorandum on strategic partnership and cooperation with TMK as well as Severgroup.

TMK has been brought in to supply its casing and tubing production to Novatek. The agreement is valid until the end of 2023 to ensure production efficiency, timeliness and reliability of supplies.

Severgroup has also been tagged to supply materials and equipment for Novatek’s projects including equipment for gas liquefaction trains.

Novatek said in its statement that the document contains the basic principles of long-term cooperation, including the reservation of production capacities to ensure timely supplies.

Commenting on the agreement, Mikhelson said that Novatek’s development strategy involves implementing large-scale LNG projects in the Arctic region with the participation of Russian equipment and materials manufacturers.

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