Russia’s Novatek says production, sales up in Q2

Russia’s independent LNG producer Novatek said Monday its gas production and sales rose in the second quarter of this year.

Novatek said in its preliminary report natural gas production increased by 7.8 percent year-on-year to 19.95 billion cubic meters.

Also, the company’s total production of hydrocarbons rose by 7.8 percent to 156.6 million barrels of oil equivalent.

Natural gas sales volumes increased during the quarter to 17.70 bcm. This marked a rise of 4.7 percent when compared to the same period last year.

However, LNG sales declined. Novatek said it sold 2.39 bcm of LNG on international markets during the quarter, a drop of 3.2 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.

- Advertisements -

Most Popular

QatarEnergy picks shipowners for 18 giant LNG carriers

LNG giant QatarEnergy has selected shipowners to own and operate 18 Q-Max LNG carriers as part of its massive...

Canada’s FortisBC, Seaspan win provincial approval for Tilbury LNG jetty

Canadian utility and operator of the Tilbury LNG facility in the province of British Columbia, FortisBC, and its partner...

VTTI, IKAV to take majority stake in Italy’s Adriatic LNG terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, joined forces with German asset manager IKAV to...

More News Like This

Russia’s Gazprom to buy Shell’s stake in Sakhalin LNG terminal operator

Russia has approved the sale of a 27.5 percent stake, previously owned by LNG giant Shell, in the new...

Novatek reports profit of about $5.1 billion in 2023

Russian LNG producer Novatek reported a net profit of about 463 billion rubles ($5.09 billion) in 2023. The company...

TotalEnergies issues force majeure over Novatek’s Arctic LNG 2 project

French energy giant TotalEnergies has initiated a force majeure process on the Novatek-operated Arctic LNG 2 project in Russia...

Novatek’s gas sales rose 2.7 percent in 2023

Russian LNG exporter Novatek reported a 2.7 percent rise in its natural gas sales, including LNG, in 2023. Novatek said...