Novatek posts higher production but sales drop

Russia’s independent LNG producer Novatek has boosted gas production during the last year but the company’s sales declined.

Novatek said its 2020 natural gas production increased by 3.6 percent year-on-year to 77.37 billion cubic metres.

The company’s total production of hydrocarbons rose by 3.1 percent to 608.2 million barrels of oil equivalent.

Howevher, natural gas sales volumes, including LNG, declined 3.6 percent last year to 75.62 bcm.

In addition, Novatek said it sold 8.93 bcm of LNG on international markets, a drop of 30.2 percent when compared to the year before.

The company attributed the decline to lower spot market sales from its Yamal LNG export terminal in the Russian Arctic.

The drop was due to the decrease of Yamal LNG shareholders’ share, including Novatek’s share, of volumes sold on the spot market, and a corresponding increase of Yamal direct sales under long-term contracts, it said.

Most Popular

BP, partners take FID on $7 billion Tangguh UCC project

BP said in a statement on Thursday the Tangguh Ubadari, CCUS, compression project (UCC) has the potential to unlock...

Pennybacker wraps up acquisition of NFE’s LNG facility in Miami

Pennybacker announced the closing of the deal in a statement on Thursday. NFE said on July 1 that it had...

Venture Global’s Plaquemines LNG to introduce hazardous fluids to first block

The regulator said on Thursday it had granted Venture Global Plaquemines LNG to commission and introduce hazardous fluids to...

More News Like This

US sanctions four LNG carrier owners

The Department of State said in a statement on Wednesday that it continues to designate entities involved in the...

Russian LNG production climbs

Rosstat’s data show that the country’s LNG terminals produced 25.3 million mt during January-September, up by 7.1 percent from...

Novatek’s gas sales down in January-September

Novatek said in its preliminary report issued on Monday that the company’s natural gas sales reached 56.16 bcm during...

Russian LNG production up in January-August

Rosstat's data show that the country’s LNG terminals produced 22.4 million mt during January-August, up by 7.3 percent from...