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.

- Advertisements -

Most Popular

Delfin plans to take FID on first floating LNG producer in Q2

Delfin Midstream, the developer of a floating LNG export project in the Gulf of Mexico, is expecting to take...

ExxonMobil working on larger Rovuma LNG export project in Mozambique

US energy giant ExxonMobil has boosted the capacity of the planned Rovuma LNG onshore terminal in Mozambique and is...

Mexico Pacific seals another LNG supply deal with Shell

A unit of LNG giant Shell has signed another long-term deal to buy liquefied natural gas from Mexico Pacific,...

More News Like This

Novatek delists from London Stock Exchange

Russian LNG exporter Novatek said on Tuesday it had requested to cancel the listing of its depositary receipts from...

Novatek inks deal to supply LNG to India’s Deepak Fertilisers

Russian LNG exporter Novatek said it had signed a non-binding memorandum of understanding with India's Deepak Fertilisers and Petrochemicals...

Novatek’s gas production, LNG sales up in 2022

Russian LNG exporter Novatek reported higher natural gas production and LNG sales in 2022. Novatek said in its preliminary report...

Japan’s MOL to continue shipping Russian LNG, CEO says

Japan's MOL will continue to ship liquefied natural gas from Russian LNG export plants, according to the company's CEO...