The French oil and gas company TotalEnergies SE has reached an agreement to sell its stake in the Arctic LNG 2 project to NordLine. This is reported by the media with reference to a statement published on the legal information website on June 3, 2026.
In accordance with the decree of President Vladimir Putin, TotalEnergies has received permission to transfer 10% of the Arctic LNG 2 project, which is under US sanctions A new subsidiary of NOVATEK, NordLine LLC, which owns 60% of the project worth more than $21 billion.
Earlier, Total Energies reduced the value of its stake in Arctic LNG 2 and announced the lack of revenue from the project. The company acquired a stake in Arctic LNG 2 in 2018. At the end of 2023, the United States imposed sanctions against the Arctic LNG 2 project in order to restrict Russian LNG exports.
TotalEnergies was one of the few large international energy companies that retained stakes in strategic Russian projects, unlike Shell Plc. and Exxon Mobil Corp. At the same time, TotalEnergies owns stakes in other projects, including a stake in NOVATEK and the Yamal LNG export project, which is not directly subject to sanctions.
In addition, TotalEnergies has entered into an agreement with QatarEnergy, ConocoPhillips and the Syrian Petroleum Company to develop the Block 3 offshore project in the Mediterranean Sea. Through the two deals, TotalEnergies reduces the direct risks from a Russian project subject to severe sanctions and preserves the prospect of gas production growth, but in a different geopolitical context and while sharing the technical and capital burden between partners.
TotalEnergies has also signed a 15-year agreement to supply natural gas from the field. Absheron in the Caspian Sea with the state-owned company of Azerbaijan (SOCAR), ADNOC (UAE) and the Turkish energy company BOTAS, starting in 2029. According to the agreement, Turkey will receive 33 billion cubic meters of gas for 15 years.
In this way, TotalEnergies is refocusing investments from risky projects into cheaper, long-term gas and energy initiatives that can ensure stable cash flows.
Earlier it became known that LUKOIL may acquire the Top Lubricants plant in the Kaluga region, previously owned by French TotalEnergies.
The Arctic LNG 2 project provides for the construction of three technological lines for the production of liquefied natural gas (LNG) with a total capacity of 19.8 million tons per year and stable gas condensate up to 1.6 million tons per year.
The project operator and owner of all assets is Arctic LNG 2 LLC, a joint venture of NOVATEK PJSC (60%), TotalEnergies Concern (10%), Chinese corporations CNPC (10%) and CNOOC (10%) and JAPAN ARCTIC LNG (a consortium of Japanese companies MITSUI and JOGMEC) (10%).
The Arctic LNG 2 participants made the final investment decision on the project in September 2019. Capital investments to launch the project at full capacity are estimated at the equivalent of $21.3 billion.
The resource base of the Arctic LNG 2 project is the Utrennoye field, discovered in 1979 and located on the Gydan Peninsula in the Yamalo-Nenets Autonomous District, about 70 km from the Yamal LNG project on the eastern shore of the Gulf of Ob.
TotalEnergies SE is a French multinational oil and gas company and one of the world's largest energy companies after Royal Dutch Shell, BritishPetroleum and ExxonMobil. TotalEnergie operates 3,000 service stations that serve 1 million customers and 6 million consumers of electricity and gas every day. It is headquartered in Paris (France) with offices in 120 countries with a market capitalization of $167 billion.
PJSC NOVATEK is an independent producer of natural gas in Russia. Established in 1994, the company is engaged in the exploration, production, processing and sale of gas and liquid hydrocarbons. NOVATEK's fields and licensed areas are located primarily in the Yamalo-Nenets Autonomous Okrug.
The profit attributable to the shareholders of PJSC NOVATEK in 2025 fell 2.7 times to 183.03 billion rubles from 493.49 billion rubles a year earlier. The normalized profit attributable to the shareholders of PJSC NOVATEK, excluding the effect of exchange differences, amounted to 207 billion rubles. compared to 553 billion rubles . Sales revenue decreased by 6.5% to 1.44 trillion rubles from 1.5 trillion rubles. As a result, tax deductions decreased by 16% or 48 billion rubles. Normalized EBITDA decreased by 14.7% to 859.3 billion rubles (1 trillion rubles).
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