Total buys into Novatek's Arctic LNG 2

French oil major Total has snapped up a 10% stake in Novatek's big new Russian LNG export project.

The Arctic LNG 2 transaction, at an undisclosed price, will be finalised in the first quarter, Novatek said.

Cost estimates for the project are between $20bn and $21bn. Natural gas reserves are reported at 2 trillion cbm.

Total's payment will include financing for the project, for which Novatek has reserved slots for up to 15 new LNG carriers at the far eastern Zvezda shipyard.