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Russia’s Novatek increased its oil and gas production and sales in 2023

The Russian oil and gas company Novatek has released its preliminary figures for 2023, in which the group reports a total hydrocarbon production of 645 mboe, including 82.4 bcm of natural gas and 12.4 Mt of liquid hydrocarbons (gas condensate and crude oil). These figures represent a slight increase of 0.9% compared with 2022 production levels. Specifically, gas production remained relatively stable (+0.3%), while liquid hydrocarbon production increased more significantly (+3.6%).

Novatek's total natural gas sales volumes, including LNG sold, rose by 2.7% to 78.6 bcm in 2023. Total sales volumes of liquid hydrocarbons amounted to 15.9 Mt, which was only 0.3% higher than in 2022. 

Novatek is the largest independent natural gas producer in Russia. The group entered the global LNG market in market in 2017 when it launched its Yamal LNG project in Siberia.