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Russia’s Novatek ramps up natural gas production & shipments abroad in 2021

Russia’s Novatek ramps up natural gas production & shipments abroad in 2021
Russian energy major Novatek said on Monday that gas production in the January-March period this year was up by 5.6%, amounting to 20.15 billion cubic meters (bcm). The company also reported increased exports.

"In the first quarter, hydrocarbon production amounted to 158.1 million barrels of oil equivalent (boe), including… 3,129 thousand tons of liquids (gas condensate and oil), resulting in an increase in total hydrocarbons produced by 7.9 million boe, or by 5.3% as compared with the first quarter 2020,” the company said.

According to the preliminary operating data, the total volume of natural gas sales, including LNG, amounted to 21.43 bcm, which is 3.6% higher compared with the same period last year.

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“The decrease attributable to volumes sold on international markets was mainly due to the decrease of Yamal LNG shareholders’ share, including NOVATEK’s share, of LNG volumes sold on the spot market, and a corresponding increase in Yamal LNG direct sales under long-term contracts,” it said.

Data shows that Russia sold 19.56 bcm of natural gas, 7.2% more than in the first quarter of 2020. The volume of LNG sales to international markets amounted to 1.87 bcm.

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