Novatek posts lower quarterly production, sales

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By Mirza Duran Russia’s largest independent natural gas and LNG producer Novatek reported a decline in both production and sales in the second quarter of this year.

Image: Novatek

Novatek said Monday its natural gas production declined by 2.2 percent year-on-year to 18.5 billion cubic metres.

The Russian company’s total production of hydrocarbons in January-March fell 2.5 percent to 145.3 million barrels of oil equivalent.

Furthermore, natural gas sales volumes, including LNG, declined 9.9 percent in the quarter to 16.9 bcm.

Novatek said it sold 2.47 bcm of LNG on international markets, a drop of 32.3 percent when compared to the second quarter last year.

The company attributed

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