- Home
- Business
- News
- Marine XII Project With Lukoil's Participation in Congo to Begin LNG Production December
Marine XII Project With Lukoil's Participation In Congo To Begin LNG Production December
Sumaira FH Published March 17, 2023 | 11:06 PM
OINTE NOIR, Republic of the Congo, March 17 (Sputnik) - The first production of liquefied natural gas on a floating rig within the Marine XII project in the Republic of the Congo, in which Lukoil participates, will begin in December 2023, the liquefaction capacity will be 600,000 tonnes per year with the possibility of increasing to 3 million tonnes per year by 2025, Lukoil's vice president for America, Africa and the Middle East, Ivan Romanovsky, told reporters
POINTE NOIR (UrduPoint News / Sputnik - 17th March, 2023) OINTE NOIR, Republic of the Congo, March 17 (Sputnik) - The first production of liquefied natural gas on a floating rig within the Marine XII project in the Republic of the Congo, in which Lukoil participates, will begin in December 2023, the liquefaction capacity will be 600,000 tonnes per year with the possibility of increasing to 3 million tonnes per year by 2025, Lukoil's vice president for America, Africa and the middle East, Ivan Romanovsky, told reporters.
"The first production of liquefied gas will begin at the end of this year, in December. The liquefaction capacity will be 600,000 tonnes per year," he said.
Romanovsky added that in the future it was planned to expand the LNG production capacity by another 2.4 million tonnes with the commissioning of a second floating rig.
"Thus, at the end of 2025, the total liquefaction capacity will be 3 million tonnes per year," the company's vice president added.
Competence in gas liquefaction is a new milestone in the history of Lukoil and provides opportunities for the implementation of such projects both in Congo and in a number of other countries where the company is present, he said.
At the same time, Lukoil's vice-president stressed that Eni would be responsible for deliveries of gas from the Marine XII project.
"And sales markets will depend on the situation that will develop at the moment when we have volumes of liquefied gas," Romanovsky noted.
Oil production at the Marine XII project can be increased to 1.7 million tonnes from 1 million tonnes per year, gas production to 5.5 billion cubic meters from the current 1.5 billion cubic meters per year, Romanovsky said.
He added that Lukoil had already invested $955 million in Marine XII, which includes the acquisition of a stake in the project.
"And we plan to invest another $1 billion. The total investment for Marine XII will be $1.96 billion," the vice president said.
Lukoil acquired a 25% stake in the Marine XII oil and gas project from the British company New Age M12 Holdings Limited in 2019. The project also involves Italy's Eni (the project's operator, 65%) and local State Oil Company of the Republic of the Congo (10%).
Related Topics
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From Business
-
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
3 hours ago -
Pak-US officials engage to enhance trade, investment ties
4 hours ago -
Stocks fall as tech shares sink, US economy slows
4 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
5 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
5 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
5 hours ago
-
Honda announces US$11 bn EV battery and vehicle plant in Canada
5 hours ago -
Zhao Shirin calls on Punjab Industries Minister
6 hours ago -
CEO APM Terminals calls on Finance Minister
6 hours ago -
SACM visits GTVC checks attendance register
6 hours ago -
CEO APM Terminals meets Commerce Minister
6 hours ago -
RTO destroys huge quantity of non-duty paid cigarettes
7 hours ago