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

Venture Global to introduce gas to tenth Plaquemines liquefaction block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the tenth liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

Eni: third phase of YPF’s Argentina LNG project requires $20 billion investment

The third phase of YPF's Argentina LNG export project would require an investment of about $20 billion, according to Eni’s COO of global natural resources, Guido Brusco.

Kimmeridge’s Commonwealth LNG seeks expedited approval from FERC

Kimmeridge's Commonwealth LNG is seeking expedited final approval from the US FERC as it looks to make a final investment decision on its planned LNG export plant in Louisiana later this year.

More News Like This

Russian LNG production down in Q1

Russian liquefied natural gas (LNG) production decreased in the first quarter of this year, according to the Russian statistics agency Rosstat.

Novatek’s gas sales slightly up in Q1

Russian LNG exporter Novatek reported a slight increase in its natural gas sales, including LNG, in the first quarter of this year.

Russian LNG production down in January-February

Russian liquefied natural gas (LNG) production decreased in the first two months of this year compared to the same period last year, according to the Russian statistics agency Rosstat.

Novatek’s 2024 profit climbs to $5.19 billion

Russian LNG producer Novatek said its net profit rose to about $5.19 billion in 2024.