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

Woodside appoints new Tellurian directors

Woodside said on Wednesday it had acquired all issued and outstanding Tellurian common stock for about $900 million cash,...

Hanwha Ocean scores $1.26 billion order for LNG-powered containerships

Hanwha Ocean said on Thursday it will build six containerships with a capacity of 15,000 teu. The order is worth...

Construction ramping up on Golden Pass LNG project

Golden Pass LNG released a project update via its social media on Monday. "In Sabine Pass, Texas, construction is ramping...

More News Like This

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...

UK sanctions five LNG carriers

The Foreign, Commonwealth & Development Office said in a statement on Thursday that this is the first time the...

Novatek says it is not involved in establishing ‘shadow fleet’ of LNG carriers

"Due to increasing instances of misinformation being published in the media affecting the operations and the reputation of Novatek,...

US sanctions two more vessels linked to Arctic LNG 2

The Department of State said in a statement on Thursday it is targeting two entities and two vessels connected...