Novatek’s gas production drops in H1

Novatek, the developer of the giant Yamal LNG project in Russia, reported on Monday a decline of 8 percent in its gas production in the first half of this year.

Russia’s second-biggest natural gas producer said in its preliminary report that the company’s natural gas production totaled 31.04 billion cubic meters in the first half of 2017, down by 2.72 bcm as compared to the same period a year ago.

Novatek’s total hydrocarbons production dropped 7.8 percent in the period under review to 252.3 million barrels of oil equivalent.

Natural gas sales volumes reached 33.13 bcm, which was 4.1 percent higher as compared to the first half last year, Novatek said.

As at 30 June 2017, Novatek had 0.58 bcm of natural gas and 492 thousand tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory, it added.