Novatek has sharply reduced gas production as part of the Arctic LNG 2 project, the first stage of which was planned to be launched in December 2023. Analysts explain the delay in the full launch of the project by the shortage of gas tankers due to sanctions. In November, the United States included Arctic LNG 2 on the sanctions list.

Novatek has sharply reduced gas production as part of the Arctic LNG 2 project, two sources reported, citing statistics from the Ministry of Energy. If Novatek sharply increased production before the expected launch of the plant in December 2023 (up to 60 million cubic meters in October, 154 million cubic meters in November and 425 million cubic meters in December), then in January it produced 250 million cubic meters m, and in February - 83 million cubic meters. m.

At the beginning of November 2023, the United States included Arctic LNG 2 on the SDN sanctions list. In December, Novatek notified buyers of force majeure regarding future LNG supplies. Foreign participants in the project did the same.

Participants in Arctic LNG 2, worth more than $21 billion, are Novatek (60%), French Total Energies, Chinese CNPC and CNOOC and a consortium of Japanese Mitsui and JOGMEC (10% each). LNG shipments from the first Arctic LNG 2 line were planned to begin in December 2023 - early 2024. The launch of the second stage was expected during 2024, the third - in 2026.

To operate the first line of Arctic LNG 2 at its design capacity, it is necessary to produce 800–900 million cubic meters. m of gas per month, Finam FG analyst Sergei Kaufman told the publication.

Analysts explain the delay in the full launch of the Arctic LNG 2 project by the shortage of gas tankers. In October 2020, Novatek signed contracts for the construction of six Arc7 ice-class tankers at the South Korean shipyard Daewoo Shipbuilding & Marine Engineering (DSME, later renamed Hanwha Ocean). But due to sanctions, DSME terminated the contract for the construction of three tankers with Sovcomflot, recalled leading analyst of the National Energy Security Fund Igor Yushkov. The Japanese MOL, according to him, cannot receive gas carriers at Hanwha Ocean, since under the contract it must either transfer them to Arctic LNG 2 under a long-term time charter agreement, or sell them to the project operator. All this is prohibited by US sanctions.

Since the company currently does not have the ability to ship the LNG produced, gas production should be suspended for some time, noted Ronald Smith, senior analyst at BCS World of Investments.

According to Kaufman, Novatek will be able to begin shipping LNG from Arctic LNG 2 in the next month or two. According to the managing expert of the PSB Analytics and Expertise Center, Ekaterina Krylova, in the best case, shipments could begin in the second quarter of 2024. Smith admits that Arctic LNG 2 may not receive a single tanker for LNG export by the end of the year.