Oil & Gas Eurasia: NOVATEK Slices at Gazprom to Grow

NOVATEK, Russia’s leading independent gas producer, presented a development strategy through 2020. Using the assets acquired over the past two years, the company aims at a twofold increase in natural gas production and a threefold increase in liquids production.

Experts note that NOVATEK’s share at the domestic market is growing on the account of reducing the share of Gazprom.

NOVATEK, which began its rapid growth in the early 2000s, managed to become the largest independent gas producer in Russia within only a few years. In 2004, the company produced about 20 billion cubic meters of gas per annum, and seven years later – 53 billion cubic meters of gas per annum.  MORE