Novatek’s gas production rises, LNG sales down

Russia’s Novatek boosted its production in the first quarter of this year while the company’s sales decreased.

Novatek said Thursday that natural gas production rose by 2.2 percent year on year to 19.1 billion cubic metres.

The company’s production of oil and gas condensate increased in the January-March period by 2 percent to 3.05 million tonnes.

Preliminary natural gas sales volumes, including LNG, totaled 20.69 billion cubic meters, logging a decline of 6.8 percent year-on-year.

Novatek sold 2.45 billion cubic meters of LNG volumes on international markets.

Novatek attributed the decline to “the decrease of Yamal LNG shareholders’ share, including Novatek’s share, of LNG sales on the spot market”.

This was due to a “corresponding increase of Yamal LNG direct sales under long-term contracts”.

Novatek had 0.3 bcm of natural gas, including LNG, in storage or transit and recognized as inventory at the end of this quarter.

This also includes 620 thousand tons of stable gas condensate and petroleum products.

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.

GTT develops new LNG fuel tank

French LNG containment giant GTT has developed a new cubic-shaped LNG fuel tank for commercial vessels, with a particular focus on LNG-fueled container vessels.

Gazprom supplying gas from Kaliningrad FSRU

Gas giant Gazprom has completed tests at its 174,000-cbm FSRU Marshal Vasilevskiy off Russia's Kaliningrad, located between Lithuania and Poland. The firm said...

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.