Novatek LNG exports decline in first quarter
Novatek saw gas sales volumes dip by 0.9% year/year in the first quarter of 2021, the company said April 12.
Novatek, Russia's largest LNG supplier, has revealed that gas sales over the quarter decreased to 21.2bn m3 from 21.4bn m3.. Russian gas sales volumes amounted to 19.34n m3, down 0.9% yr/yr, while the overseas figure was around 1.9bn m3, marking an annual decline of 1%. The figures include LNG processed through Novatek's Yamal LNG terminal.
Novatek's upstream production share by 1.9mn barrels of oil equivalent yr/yr to 160mn boe, up 1.2%, including 20.6bn m3 of natural gas. On a daily basis, the company's average production was 1.8mn boe/day. It also yielded 3mn metric tons of gas condensate and oil on a cumulative basis.
Stronger gas flows upstream may reflect rising extraction from deposits commissioned by Novatek , in particular at the North-Russkoye and East-Tazovskoye fields, launched in the latter half of 2020. As of March 31, Novatek also held 200mn m3 of gas in its inventory, whether in storage centres or in transit. LNG is factored into the inventory total. Novatek said it also held 700,000 tons of stable gas condensate and petroleum products.
More unstable gas condensate was treated at Novatek's Purovsky processing centre yr/yr. The figure rose by 7% yr/yr to hit 3.3mn tons in the first quarter, but the quantity of stable gas liquids treated did not change, with 1.8mn tons processed over the period.