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Novatek said in its preliminary report issued on Thursday that the company’s natural gas sales reached 77.76 bcm in 2024.
This compares to 78.63 bcm in 2023, which marked a rise of 2.7 percent year-on-year.
Novatek did not break down the 2024 gas sales just to LNG, as it had done in the previous five quarterly reports.
Novatel reported a 47.3 percent rise in its LNG sales to 3.24 bcm in the second quarter of 2023, while Novatek’s LNG volumes rose 60 percent to 2.97 bcm in the first quarter.
Gas production up
Novatek’s gas production rose 2.1 percent to 84.08 bcm in 2024.
In 2024, hydrocarbon production totaled 667 million barrels of oil equivalent (mmboe), including 13.8 million tons of liquid hydrocarbons (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 21.6 mmboe, or by 3.3 percent as compared with the twelve months 2023.
As of December 31, 2024, Novatek had 1.3 bcm of natural gas, including LNG, and 2.0 mmt of stable gas condensate and petroleum products in storage or transit and recognized as inventory.
LNG projects
Novatek currently exports LNG via its 17.4 mtpa Yamal LNG plant and the mid-scale facility in Vysotsk with a nameplate capacity of 660,000 tons.
In addition, Novatek is working on the sanctioned Arctic LNG-2 export plant, but reports suggest that the company is not producing LNG at this facility due to sanctions by the US and the EU related to the project.
In August 2024, Novatek delivered the second gravity-based structure platform from its yard near Murmansk to the site of the Arctic LNG 2 project located on the Gydan peninsula.
The company completed the second GBS despite sanctions.
The first GBS left the Belokamenka yard in July 2023 and Novatek completed the installation on the underbase foundation on the seabed at the Utrenniy terminal in August.
The first and second GBS each have a capacity of about 6.6 mtpa.