Photo: Novatek.

Russian independent LNG producer Novatek said its net profit surged to almost 433 billion roubles ($5.74 billion) in 2021 on the back of higher oil and gas prices.

Compared to a profit of 67.8 billion roubles ($900.3 million) Novatek reported in 2020, profit rose more than five times.

Excluding effects such as the foreign-exchange fluctuations, net profit rose 149.3 percent to 421.3 billion roubles ($5.60 billion), according to Novatek.

Revenues also rose 62.5 percent year-on-year to about 1.16 trillion rubles ($15.4 billion).

Novatek attributed the rise in revenues to higher global oil and gas prices, as well as the launch of gas condensate deposits within the fields of the North-Russkiy cluster.

The LNG producer reported last month that both its gas production and sales rose in 2021.

Novatek’s natural gas production reached 79.89 billion cubic meters last year, compared to 77.37 bcm in 2020.

The company’s total production of hydrocarbons rose by 2.9 percent as well to 626 million barrels of oil equivalent.

In addition, natural gas sales volumes increased slightly during the January-December period to 75.81 bcm. This marked a rise of 0.3 percent when compared to 75.62 bcm in the same period last year.

Novatek said its LNG sales decreased by 11.1 percent in 2021. The firm sold 7.94 bcm of LNG on international markets, compared to 8.93 bcm in the year before.

 

Reprinted with permission from lngprime.com.