TotalEnergies said it condemns Russia's military aggression against Ukraine and will no longer provide capital for new projects in Russia. The energy major said it “supports the scope and strength of the sanctions put in place by Europe,” and will implement them, noting it is assessing the impacts on its activities in Russia.
In Russia, the company holds a 19.4% interest in Novatek, the country's largest independent natural gas producer (OGJ Online, Mar. 3, 2011). Alongside Novatek, the company holds interests in three LNG projects.
It holds a 20% interest in the Yamal LNG joint venture, which develops the resources of South Tambey gas and condensate field and liquefies gas in the Yamal LNG plant. In 2020, Yamal LNG produced 18.8 million metric tons of LNG, exceeding the three trains’ design capacity by 14%, or 2.3 million metric tons. Some 255 LNG cargos (18.6 million metric tons of LNG) and 24 stable gas condensate cargos (1 million metric tons) were shipped to international markets.
A 49% interest is held in the ZAO Terneftegas joint venture, which develops Termokarstovoye onshore gas and condensate field located in the Yamalo-Nenets region.
The company also holds a 21.64% interest in Arctic LNG 2, an LNG project on the Gyda peninsula, opposite the Yamal peninsula, which aims to tap oil and gas resources in onshore Utrenneye gas and condensate field. It will consist of three liquefaction trains capable of producing 19.8 million tonnes/year of LNG and 1.6 million tonnes/year of initial condensate. Final investment decision on the project was made in September 2019 (OGJ Online, Sept. 5, 2019). Construction is ongoing, and the first train is scheduled to start up in 2023, with the second train in 2024 and the third train in 2025.
TotalEnergies also holds 20% interest in the onshore Kharyaga oil field, which is in production.
The move is short of intentions relayed by bp, Equinor, and Shell, which have announced intent to withdraw from Russian projects (OGJ Online, Feb. 28, 2022).
