Russian Novatek 2017 Gas Sales Up, Output Down

Novatek produced 63.39bn m³ equity natural gas in 2017, 6.3% less than the year before, despite the start-up of LNG exports from the first train at Yamal LNG began in December.

Overall hydrocarbons production was down 6.2%, it added January 16.

Preliminary natural gas sales volumes, including LNG, were 65.01bn m³, which was 0.5% higher compared with the twelve months 2016. In December 2017, after the start of LNG production at the first train of Yamal LNG project, Novatek sold its first cargo of LNG from the project, of which it owns 50.1%.

The company processed 11.445mn mt of unstable gas condensate at the Purovsky Processing Plant, representing a 7.4% decrease in daily average processing volumes as compared with the corresponding volumes processed in the prior reporting period. Novatek processed 6.961mn mt of stable gas condensate at the Ust-Luga Complex, representing a 0.9% increase year on year.

As at December 31, Novatek had 1.0bn m³ of natural gas recognised as inventory.

Novatek’s output (including share in production of joint ventures and fuel gas etc)