Rosneft of Russia is reportedly expecting to take the final investment decision for its Far East LNG project in 2017 or 2018.
The company’s department head, Alexander Zharov, said in a presentation that the production at the facility could start after 2023, Reuters reports.
Rosneft’s CEO Igor Sechin, last year, said that the facility would not be operational before 2020, signaling a delay of three to five years on the initial timeline due to low oil prices and lack of funds. The project was initially set to start production in 2018.
Rosneft intends to produce approximately 5 million tons of liquefied natural gas per year at the facility, with an option to expand the capacity to 10 mtpa in the future.
The plant would use natural gas from Rosneft’s reserves in the Far East and Sakhalin-1 project as raw feed.
Other partners in the project are ExxonMobil, Sodeco and ONGC.
LNG World News Staff