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.

- Advertisements -

Most Popular

Golden Pass LNG to ramp up construction activities after Zachry deal

QatarEnergy and ExxonMobil will ramp up construction activities at the Golden Pass LNG export terminal in Texas after a...

Hudong-Zhonghua confirms TotalEnergies order for LNG bunkering vessel

China’s Hudong-Zhonghua said it had secured an order to build one 18,600-cbm LNG bunkering vessel for French energy giant...

India was top destination for US LNG cargoes in May

India was the top destination for US liquefied natural gas cargoes in May, as Asia overtook Europe as the...

More News Like This

Novatek’s profit jumps in H1

Russian LNG producer Novatek said its net profit rose more than two times in the first half of this...

Yamal LNG cargo delivered to China via NSR

Russian LNG exporter Novatek has delivered this year's first Yamal LNG cargo via the eastern part of the Northern...

Novatek’s gas sales drop in Q2

Russian LNG exporter Novatek reported a 2.6 percent decrease in its natural gas sales, including LNG, in the second...

Samsung Heavy to sue Russia’s Zvezda over LNG carrier contract termination

South Korean shipbuilding giant Samsung Heavy Industries said it will sue Russian shipbuilder Zvezda after the latter decided to...