Novatek’s Q1 production jumps 11 percent

Russia’s largest independent natural gas producer and LNG operator Novatek reported an 11 percent rise in production for the first quarter of 2019.

During the first three months of the year, Novatek’s production totaled 147.1 million barrels of oil equivalent (boe), including 18.66 billion cubic meters (bcm) of natural gas and 2,987 thousand tons of liquids (gas condensate and crude oil).

This resulted in an increase in total hydrocarbons produced by 14.6 million boe compared to the corresponding quarter in 2018.

Preliminary natural gas sales volumes, including volumes of LNG sold, aggregated to 22.18 bcm, representing an increase of 9.5 percent as compared with the corresponding period in 2018.

Natural gas volumes sold in Russia in the first quarter 2019 were 18.77 bcm, whereas volumes of LNG sold on international markets amounted to 3.41 bcm.

The company processed 2,693 thousand tons of unstable gas condensate at the Purovsky processing plant, representing a 2.5 percent decrease as compared with the corresponding volumes processed in the prior reporting period.

Novatek processed 1,765 thousand tons of stable gas condensate at the Ust-Luga complex, representing a 0.5 percent decrease in volumes processed at the facility in the first of quarter 2019.

According to preliminary data in the first quarter 2019, petroleum product sales volumes aggregated 1,797 thousand tons, including 1,159 thousand tons of naphtha, 272 thousand tons of jet fuel, and 366 thousand tons of fuel oil and gasoil.

Novatek sold 1,128 thousand tons of crude oil and 372 thousand tons of stable gas condensate.

As of March 31, 2019, Novatek had 0.8 billion cubic meters of natural gas, including LNG, and 772 thousand tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory.