Novatek posts 7.2 pct gas production increase

Novatek posts 7.2 pct gas production increase

Novatek, owner of a 60 percent stake in the Yamal LNG project, said its production of natural gas increased by 1.05 bcm, or by 7.2% in the third quarter of this year.

In the nine months period ended 30 September, Novatek’s gross production totaled 46.88 bcm of natural gas, up by 2.3% as compared with the same period in 2013.

For the reporting periods, natural gas production was affected due to the disposal of the company’s equity share in Sibneftegas at the end of 2013. Excluding the natural gas produced by Sibneftegas, Novatek’s natural gas production increased by 17.9% in the third quarter and by 12.4% in the nine months of this year.

At 30 September 2014, Novatek had 2,591 million cubic meters of natural gas and 552 thousand tons of liquids comprised of stable gas condensate and petroleum products in storage or transit and recognized as inventory.


LNG World News Staff, October 9, 2014; Image: Novatek