Russia’s Novatek logs higher production, sales in Q1

Russia’s independent LNG producer Novatek reported a rise in both gas production and sales for the first quarter of this year.

Novatek said on Monday in its preliminary report natural gas production increased by 5.6 percent year-on-year to 20.15 billion cubic metres.

In addition, the company’s total production of hydrocarbons rose by 6.4 percent to 158.1 million barrels of oil equivalent.

Natural gas sales volumes also increased during the quarter to 21.43 bcm. This marked a rise of 3.6 percent when compared to the same period last year.

However, LNG sales declined. Novatek said it sold 1.87 bcm of LNG on international markets during the quarter, a drop of 23.7 percent.

The company 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, it said.

Most Popular

McDermott bags Monkey Island LNG gig

Houston-based McDermott has secured a contract from Monkey Island LNG for its planned natural gas liquefaction facility in Cameron Parish, Louisiana.

NextDecade takes FID on fourth Rio Grande LNG train

US LNG firm NextDecade has made a final investment decision on the fourth train at its Rio Grande LNG facility in Texas.

Equinor eyes LNG carrier order

Norwegian energy firm Equinor is interested in booking liquefied natural gas (LNG) carriers at yards in South Korea and China, according to shipbuilding sources.

More News Like This

Russian LNG production down 4.2 percent in January-July

Russian liquefied natural gas (LNG) production dropped 4.2 percent in January-July this year compared to the same period in 2024, according to the Russian statistics agency Rosstat.

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.