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.

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