Novatek Increases Gas Production by 8.5% in 2013

Russia’s Novatek reported an 8.5% yearly increase in natural gas production in 2013, and a simultaneous 11.4% increase in combined liquids production.

‘The company’s full year 2013 gross production aggregated 62.22 bcm of natural gas and 4,774 thousand tons of liquids,’ reads a note released by Novatek on Friday.

In its report about preliminary operating data for the fourth quarter, the company mentioned the Purovsky Processing Plant, which registered a 20.5% increase in processed liquids, and  the Ust-Luga Complex.

‘At 31 December 2013, Novatek had 3.26 bcm of natural gas and 409 thousand tons of stable gas condensate and its products in storage or transit and recognized as inventory,’ the company concluded in the press release. 

Novatek is Russia’s largest independent gas producer and the second largest natural gas producer in Russia. It focused its upstream operations on the Yamal-Nenets region. It is likely to take advantage of the LNG export liberalization, which entered into force at the beginning of the year.