Russia’s Novatek said its first quarter natural gas sales volumes totalled 16 bcm , representing a 10.1% decrease as compared with the corresponding period in 2014.
The decrease was mainly due to colder weather in the first quarter 2014 relative to the first quarter 2015 resulting in much higher withdrawals of natural gas from the underground storages in the first quarter 2014, Novatek said in a statement on Tuesday.
As at 31 March, the total amount of natural gas recorded as inventory aggregated 654 mmcm as compared to 1,049 mmcm at the end of 2014.
Novatek sold 395 mmcm of natural gas from inventories in the first quarter 2015 as compared to 2,459 mmcm sold in the first quarter last year.
The company’s total revenues increased by 28.3% to RR 113.7 billion.
Image: Novatek