OAO Novatek today reported preliminary production data for the fourth quarter and full year 2011.
Gross production for the fourth quarter totaled 14.53 billion cubic meters of natural gas and 1,063 thousand tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 3.64 billion cubic meters, or by 33.4%, and gross liquids production increased by 67 thousand tons, or by 6.7%, as compared with the corresponding gross production in the fourth quarter 2010.
In 2011, gross production for Novatek totaled 53.54 billion cubic meters of natural gas and 4,124 thousand tons of liquids. Natural gas production increased by 15.76 billion cubic meters, or by 41.7%, whereas liquids production increased by 492 thousand tons, or by 13.5% as compared with the corresponding gross production in 2010.
During 2011, Novatek processed 3,869 thousand tons of unstable de-ethanized gas condensate at the Purovsky Processing Plant, of which 984 thousand tons was processed in the fourth quarter.
The Company’s preliminary stable gas condensate export volumes amounted to 2,981 thousand tons in 2011 as compared to 2,326 thousand tons in the corresponding period of 2010. At 31 December 2011, we had approximately 732 million cubic meters of natural gas and 228 thousand tons of stable gas condensate in transit or storage and recognized as inventory compared to 790 million cubic meters of natural gas and 264 thousand tons of stable gas condensate at 31 December 2010.
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LNG World News Staff, January 12, 2012