Quoting a statement by Deputy Chairman of the Novatek Board Denis Khramov at the national forum Arctic Days 2016, RIA Novosti reports that Novatek's deposits on the Yamal and Gydan peninsulas will produce up to 70 million tons of LNG per year.

Novatek plans to start building the Arctic LNG-2 plant after completing the construction of the Yamal LNG plant. The second plant will be based around the deposits of the Gydan Peninsula.

"The capacity of the new plant (Arctic LNG-2) will be similar to that of the Yamal LNG but the proven resources of this region alone, the basins of these bays and the Gydan and Ob territories amount to 20 trillion cubic meters of gas. In our estimate, they can produce up to 70 million tons of gas per year. These are huge resources and a serious contribution to the world's LNG production," Khramov said.

Novatek estimates that capital expenses on the Arctic LNG-2 will amount to about $10 billion.