Photo: Image courtesy of Novatek

Novatek reports higher production in 2019

Novatek, Russia’s largest independent natural gas producer, reported a jump in its 2019 production compared to the previous year. 

The company noted in its report on Wednesday that the hydrocarbon production totaled 590.1 million barrels of oil equivalent (boe), including 74.70 billion cubic meters (bcm) of natural gas and 12,148 thousand tons of liquids, which is a 7.5 percent increase over the 12 months of 2018.

Preliminary natural gas sales volumes, including volumes of LNG sold, aggregated 78.45 bcm, representing an increase of 8.8 percent as compared with the prior-year period, Novatek said.

Natural gas volumes sold in the Russian Federation in 2019 were 65.65 bcm, whereas LNG volumes sold on international markets amounted to 12.80 bcm.

The company processed 10.8 million tons of unstable gas condensate at the Purovsky processing plant, representing a decrease of 2 percent as compared with the corresponding volumes processed in the prior reporting period.

Novatek processed 6.9 million tons of stable gas condensate at the Ust-Luga complex, representing a marginal decrease of 0.7 percent in volumes processed at the facility in 2019.

Preliminary 2019 petroleum product sales volumes aggregated 6.98 million tons, including 4.51 million tons of naphtha, 1.07 million tons of jet fuel, and 1.40 million tons of fuel oil and gasoil.

Novatek sold 4.83 million tons of crude oil and 1.74 million tons of stable gas condensate.

As at December 31, 2019, Novatek had 1.2 bcm of natural gas, including LNG, and 604,000 tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory.