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

Crown LNG, Fermeuse plan export project in Canada

US-listed Crown LNG and Fermeuse Energy revealed plans to build a liquefaction and export facility worth up to $15 billion in the Canadian province of Newfoundland and Labrador.

Monkey Island LNG selects ConocoPhillips’ liquefaction tech

Monkey Island LNG has selected ConocoPhillips’ optimized cascade process liquefaction technology for its planned 26 mtpa liquefaction and export facility in Cameron Parish, Louisiana.

Sawgrass LNG & Power secures Barbados supply deal

Miami-based Sawgrass LNG & Power has once again been selected as the supplier of LNG to Barbados National Energy Company (BNECL).

More News Like This

Russian LNG production down 4.2 percent in January-July

Russian liquefied natural gas (LNG) production dropped 4.2 percent in January-July this year compared to the same period in 2024, according to the Russian statistics agency Rosstat.

Novatek reports lower H1 profit

Russian LNG producer Novatek reported a 34 percent drop in its net profit in the first half of this year.

Russian LNG production continues to decline

Russian liquefied natural gas (LNG) production continued to decrease in June compared to last year, according to the Russian statistics agency Rosstat.

EU lifts sanctions against LNG carrier trio

The European Union has lifted sanctions against three ice-class liquefied natural gas (LNG) tankers operated by Japan's shipping giant MOL and intended to serve Novatek's Arctic LNG projects in Russia.