Russian LNG giant Novatek logs jump in 2021 profit

Russian independent LNG producer Novatek said its net profit surged to almost 433 billion roubles ($5.74 billion) in 2021 on the back of higher oil and gas prices.

Compared to a profit of 67.8 billion roubles ($900.3 million) Novatek reported in 2020, profit rose more than five times.

Excluding effects such as the foreign-exchange fluctuations, net profit rose 149.3 percent to 421.3 billion roubles ($5.60 billion), according to Novatek.

Revenues also rose 62.5 percent year-on-year to about 1.16 trillion rubles ($15.4 billion).

Novatek attributed the rise in revenues to higher global oil and gas prices, as well as the launch of gas condensate deposits within the fields of the North-Russkiy cluster.

The LNG producer reported last month that both its gas production and sales rose in 2021.

Novatek’s natural gas production reached 79.89 billion cubic meters last year, compared to 77.37 bcm in 2020.

The company’s total production of hydrocarbons rose by 2.9 percent as well to 626 million barrels of oil equivalent.

In addition, natural gas sales volumes increased slightly during the January-December period to 75.81 bcm. This marked a rise of 0.3 percent when compared to 75.62 bcm in the same period last year.

Novatek said its LNG sales decreased by 11.1 percent in 2021. The firm sold 7.94 bcm of LNG on international markets, compared to 8.93 bcm in the year before.

- Advertisements -

Most Popular

DSME cancels third LNG carrier order linked to Sovcomflot

South Korean shipbuilding giant Daewoo Shipbuilding and Marine Engineering has terminated an order for another LNG carrier after a...

Woodside delivers Australian LNG cargo to Germany’s Uniper via Dutch Gate terminal

LNG player Woodside said it had delivered an LNG cargo from its North West Shelf project in Australia to...

QatarEnergy, ConocoPhillips ink long-term LNG deal to supply Germany

State-owned QatarEnergy has signed two long-term contracts with US energy firm ConocoPhillips to supply Germany with liquefied natural gas...

More News Like This

Technip Energies says to exit Arctic LNG 2 project in first half of 2023

Paris-based LNG engineering giant Technip Energies has signed a deal to exit Novatek's Arctic LNG 2 project in Russia...

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...

Novatek, Rosatom ink decarbonization deal

Russian LNG producer Novatek and compatriot state nuclear energy firm Rosatom have signed a memorandum of understanding to cooperate...

Novatek becomes sole owner of Russian gas field after TotalEnergies deal

Russian LNG producer Novatek will become the sole owner of the Termokarstovoye gas and condensates field in Russia following...