- Total (TOT +1.3%) makes the final investment decision approving the launch of the Yamal liquefied natural gas project in Siberia, believed to harbor reserves of as much as 5B boe.
- The $27B project consists of the development of the onshore South Tambey gas field in the Yamal peninsula, with a LNG plant with a capacity of 16.5M tons/year.
- Yamal is at the heart of TOT's strategy to sustain its near-term production levels, and is seen as a litmus test for the economic viability of gas extraction and production in Arctic Russia.
- TOT owns 20% while Novatek owns the rest; in September, the Russian company reached a deal with China National Petroleum for a 20% stake which is still to be finalized.
Total makes final investment decision for Russia's Yamal LNG
Dec 18 2013, 12:18 ET