Russia's Novatek says Q1 natural gas production up 2.2% y/y

 Russian gas producer Novatek increased its gas production in the first quarter by 2.2% year on year to 19.1 billion cubic metres (bcm), the company said.

It said production of oil and gas condensate edged up in January - March by 2% to 3.05 million tonnes. Total gas sales decreased by 6.8% in year-on-year terms to 20.69 bcm.

“The decrease in sales volumes on international markets was due to the decrease of Yamal LNG shareholders’ share, including Novatek’s share, of LNG sales on the spot market, and a corresponding increase of Yamal LNG direct sales under long-term contracts,” the company said. (Reporting by Vladimir Soldatkin; editing by Andrey Ostroukh)

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