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.

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