Novatek’s Q3 production slightly down

Russian independent LNG producer Novatek said its gas production dropped by 0.7 percent in the third quarter of this year.

Novatek said in its preliminary report that natural gas production reached 19 billion cubic meters, compared to 19.13 bcm in the third quarter of 2020.

The company’s total production of hydrocarbons decreased by 0.5 percent as well to 149.5 million barrels of oil equivalent.

However, natural gas sales volumes increased slightly during the July-September period to 16.58 bcm. This marked a rise of 0.1 percent when compared to 16.56 bcm in the same period last year.

Novatek said its LNG sales decreased by 22.3 percent in the third quarter. The firm sold 1.71 bcm of LNG on international markets during the quarter, compared to 2.20 bcm in the year before.

The company led by Russian billionaire Leonid Mikhelson 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, Novatek said.

Most Popular

Venture Global LNG gets Calcasieu Pass approval from FERC

US LNG exporter Venture Global LNG has received approval from the US FERC to launch operations of its entire Calcasieu Pass LNG terminal in Louisiana.

Glencore seals LNG supply deal with China’s Shandong Order Group

China’s Shandong Order Group has signed a deal to buy liquefied natural gas (LNG) from a unit of Switzerland-based energy trader Glencore.

HD Hyundai Samho clinches $262 million LNG carrier order

South Korea’s HD Hyundai Samho has secured an order to build one liquefied natural gas (LNG) carrier for about $262 million.

More News Like This

Russian LNG production down in January-February

Russian liquefied natural gas (LNG) production decreased in the first two months of this year compared to the same period last year, according to the Russian statistics agency Rosstat.

Novatek’s 2024 profit climbs to $5.19 billion

Russian LNG producer Novatek said its net profit rose to about $5.19 billion in 2024.

Novatek’s gas sales drop in 2024

Novatek said in its preliminary report issued on Thursday that the company’s natural gas sales reached 77.76 bcm in...

US sanctions two Russian LNG terminal operators

The Department of State announced on Friday that the US is sanctioning major targets in Russia’s energy sector, imposing...