Novatek’s gas production, LNG sales rise in Q3

Russian LNG exporter Novatek said on Wednesday that its natural gas production rose in the third quarter of this year.

Novatek said in its preliminary report the company’s gas production had reached 19.94 billion cubic meters in July-September, a rise of 4.9 percent when compared to 19 bcm in the same period last year. Gas production dropped compared to 20.25 bcm in the prior quarter.

The company’s total production rose 4 percent year-on-year to 155.6 million barrels of oil equivalent.

Moreover, preliminary total natural gas sales volumes, including domestic sales, dropped by 2.3 percent to 16.19 bcm in the third quarter.

LNG sales rose by 12.9 percent during the quarter under review.

The firm sold 1.93 bcm of LNG on international markets, compared to 1.71 bcm in the third quarter last year.

Novatek currently exports LNG via its Yamal LNG plant and the mid-scale facility in Vysotsk.

The firm is also building the Arctic LNG 2 plant. This project has faced many difficulties due to the introduction of sanctions by the US and the European Union on Russian firms.

Novatek plans to launch the first Arctic LNG 2 GBS in late 2023.

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