This story requires a subscription
This includes a single user license.
Novatek said in its preliminary report on Monday that the company’s natural gas sales reached 21.48 bcm.
This marks an increase of 0.1 percent as compared with the first quarter 2024, according to Novtek.
Novatek did not break down the Q1 gas sales just to LNG, as it had done in the previous six quarterly reports.
The company’s natural gas sales reached 77.76 bcm in 2024, down 1.1 percent on the year.
In the first quarter of 2025, hydrocarbon production totaled 169.1 million barrels of oil equivalent (mmboe), including 21.35 billion cubic meters (bcm) of natural gas and 3.48 million tons (mmt) of liquid hydrocarbons (gas condensate and crude oil).
Novatek said this marks an increase in total hydrocarbons produced by 1.7 mmboe, or by 1 percent compared to the first quarter of 2024.
Moreover, Novatek’s gas production rose 1.1 percent compared to 21.12 bcm in the first quarter of 2024.
As of March 31, 2025, Novatek had 0.2 bcm of natural gas, including LNG, and 1.7 mmt of stable gas condensate and petroleum products in storage or transit and recognized as inventory.
LNG projects
Novatek currently exports LNG via its 17.4 mtpa Yamal LNG plant and the mid-scale facility in Vysotsk with a nameplate capacity of 660,000 tons.
In addition, Novatek is working on the sanctioned Arctic LNG-2 export plant.
In August 2024, Novatek delivered the second gravity-based structure platform from its yard near Murmansk to the site of the Arctic LNG 2 project located on the Gydan peninsula.
The company completed the second GBS despite US and EU sanctions.
Earlier this year, the US sanctioned Gazprom SPG Portovaya, the Russia-based operator of the Portovaya LNG terminal, and Cryogas Vyostsk, the Russia-based operator of the Cryogas Vysotsk LNG terminal.
In addition, the European Union’s ban on the transshipment of Russian LNG has officially come into effect as of March 26, 2025.