Novatek’s Q3 production slightly down

Russian independent LNG producer Novatek said its gas production dropped by 0.7 percent in the third quarter of this year.

Novatek said in its preliminary report that natural gas production reached 19 billion cubic meters, compared to 19.13 bcm in the third quarter of 2020.

The company’s total production of hydrocarbons decreased by 0.5 percent as well to 149.5 million barrels of oil equivalent.

However, natural gas sales volumes increased slightly during the July-September period to 16.58 bcm. This marked a rise of 0.1 percent when compared to 16.56 bcm in the same period last year.

Novatek said its LNG sales decreased by 22.3 percent in the third quarter. The firm sold 1.71 bcm of LNG on international markets during the quarter, compared to 2.20 bcm in the year before.

The company led by Russian billionaire Leonid Mikhelson 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, Novatek said.

Most Popular

Shell adds another LNG carrier to its fleet

A unit of UK-based LNG giant Shell has added another chartered liquefied natural gas carrier to its fleet.

Eni’s Nguya FLNG ready to start serving second phase of Congo LNG project

Italian energy firm Eni hosted on Tuesday the sail-away ceremony for the Nguya floating liquefied natural gas (FLNG) unit in Shanghai, China. The unit is ready to start serving the second phase of Eni's Congo LNG project.

CMA CGM, Evergreen, HMM, and Maersk eye LNG-powered containership orders

France's CMA CGM, Taiwan's Evergreen, South Korea's HMM, and Denmark's Maersk are all looking to order LNG dual-fuel containerships at yards in China and South Korea, according to shipbuilding sources.

More News Like This

Novatek reports lower H1 profit

Russian LNG producer Novatek reported a 34 percent drop in its net profit in the first half of this year.

Russian LNG production continues to decline

Russian liquefied natural gas (LNG) production continued to decrease in June compared to last year, according to the Russian statistics agency Rosstat.

EU lifts sanctions against LNG carrier trio

The European Union has lifted sanctions against three ice-class liquefied natural gas (LNG) tankers operated by Japan's shipping giant MOL and intended to serve Novatek's Arctic LNG projects in Russia.

Novatek’s gas sales climb in Q2

Russian LNG exporter Novatek reported a rise in its natural gas sales, including LNG, in the second quarter of this year.