Russian independent oil and gas producer Novatek has produced 548 mboe of hydrocarbons in 2018, including nearly 69 bcm of natural gas (+8.5%) and 11.8 Mt of liquids (including both crude oil and condensate, +0.2%). This represents an increase of 35 mboe (+6.9%) compared with the previous year.
The company's preliminary gas sales volumes (including LNG) estimates stood at 72 bcm (+11%) in 2018, of which 66 bcm were sold in Russia. These figures also entail 6 bcm of LNG which were sold on international markets throughout the year. In 2017, LNG sales amounted 0.1 bcm only as as Yamal LNG commenced LNG shipments in December 2017.
Yamal LNG's first unit was commissioned in December 2017, the second one in August 2018 and the third one in November 2018. The three 5.5 Mt/year trains are now operational and the project has ramped up to full operational capacity. Yamal LNG's shareholders are Novatek with 50.1%, Total with 20%, China National Petroleum Corporation (CNPC) with 20% and the Silk Road Fund with 9.9%. Novatek aims to use the conventional natural gas resources on the Yamal and Gydan peninsulas to produce 55 Mt/year - 60 Mt/year of LNG by 2030.