Russia: NOVATEK Q1 Gas Output 13.43 Bcm

OAO NOVATEK today reported preliminary production data for the first quarter 2011.

Gross production for the first quarter totaled 13.43 billion cubic meters of natural gas and 1.03 million tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 3.45 billion cubic meters, or by 34.6%, and gross liquids production increased by 159 thousand tons, or by 18.4%, as compared with the corresponding gross production in the first quarter 2010.

In the first quarter 2011, NOVATEK processed 974 thousand tons of unstable gas condensate at the Purovsky Gas Condensate Processing Plant.

The Company’s preliminary stable gas condensate export volumes amounted to 723 thousand tons for the first quarter 2011 as compared to 412 thousand tons in the corresponding period of 2010. At 31 March 2011, we had approximately 49 million cubic meters of natural gas and 282 thousand tons of stable gas condensate in transit or storage and recognized as inventory.

NOVATEK hydrocarbon production for the first quarters of 2010 and 2011

OAO NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and is believed to account for approximately 83% of Russia’s natural gas production and 16% of the world’s gas production as of 2009.

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Source: OAO NOVATEK, April 7, 2011;