Novatek says Q1 production climbs

Russia’s independent LNG producer Novatek said Tuesday that its natural gas production rose in the first quarter of this year.

Novatek said in its preliminary report the company’s gas production reached 20.64 billion cubic meters in the January-March period, a rise of 2.4 percent when compared to 20.16 bcm in the same period last year.

The company’s total production of hydrocarbons rose by 1.2 percent to 160 million barrels of oil equivalent.

On the other side, preliminary total natural gas sales volumes, including LNG volumes, dropped 0.9 percent to 21.23 bcm in the first quarter.

Also, Novatek said its LNG sales decreased by 1 percent during the quarter under review.

The firm sold 1.86 bcm of LNG on international markets, compared to 1.87 bcm in the January-March period last year.

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