Russia’s Arctic LNG 2 project has significantly reduced production at its natural gas fields to almost zero so far in November.
Its Arctic LNG 2 project of Russia has significantly reduced production in the fields natural gas to nearly zero so far in November after halting gas liquefaction last month due to Western sanctions, according to Bloomberg.
Fields feeding the Novatek PJSC-led facility pumped an average of 0.4 million cubic meters of natural gas per day in the first 10 days of November, the international agency said, citing a person with knowledge of the matter who spoke under the condition of anonymity. That’s a drop of more than 90% from average output for most of October, according to Bloomberg calculations.
It is also the lowest average production rate for Arctic LNG since at least September 2023, according to the data.
The near-zero production at Arctic LNG 2 in November follows a shutdown, as Bloomberg reported last month, of the facility’s liquefaction processes.
Arctic LNG 2 is key to Russia’s ambitions to increase exports of liquefied natural gas (LNG) and to develop the Northern Sea Route, for which it has been the target of many Western sanctions over the past year due to the Russian invasion of Ukraine. Sanctions imposed by the US and its allies have all but driven away investors, limited access to tankers needed to transit Arctic waters and made foreign buyers reluctant to buy the cargoes.
Source: Skai
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