Novatek’s gas production declines

Novatek, the developer of the giant Yamal LNG project in Russia, reported on Friday a decrease of 2.7% in its gas production for the full year of 2016.

Russia’s second-biggest gas producer said in its preliminary report that it produced 66.1 billion cubic meters (bcm) in 2016, down by 1.81 bcm as compared to the year ago.

Novatek’s total hydrocarbons production rose 3.1% to 537.9 million barrels of oil equivalent.

As at 31 December 2016, Novatek had 0.8 billion cubic meters of natural gas and 702 thousand tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory, according to the report.

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