Novatek Production Rose 6.9% in 2018

Laxman Pai
Wednesday, January 16, 2019

Russia's largest independent natural gas producer Novatek said that total hydrocarbon production during 2018 increased by 6.9%, and had increased sales of gas.

"In 2018, Novatek’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017," said a press release from the oil-and-gas company.

Preliminary natural gas sales volumes, including volumes of LNG sold, aggregated 72.12 bcm, representing an increase of 10.9% as compared with the twelve months 2017. The volumes of natural gas sold in the Russian Federation in 2018 were 66.08 bcm, and the volumes of LNG sold on international markets amounted to 6.04 bcm.

Sales volumes of LNG in 2017 were 0.1 bcm as Yamal LNG commenced LNG shipments on 8 December 2017.

The Company processed 11,017 thousand tons of unstable gas condensate at the Purovsky Processing Plant, representing a 3.7% decrease as compared with the corresponding volumes processed in the prior reporting period.

Novatek processed 6,949 thousand tons of stable gas condensate at the Ust-Luga Complex, representing a 0.2% decrease in volumes processed at the facility in 2018.

Preliminary 2018 petroleum product sales volumes aggregated 6,682 thousand tons, including 4,185 thousand tons of naphtha, 1,082 thousand tons of jet fuel, and 1,415 thousand tons of fuel oil and gasoil.

As at 31 December 2018, Novatek had 2.2 billion cubic meters of natural gas, including LNG, and 854 thousand tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory.

Categories: Energy LNG Production Gas Natural Gas

Related Stories

Brownfield Output Decline Accelerates, says IEA

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

CNOOC Brings New Offshore Gas Field On Stream

CNOOC Finds Oil and Gas in South China Sea

Woodside Finds South Korean Partners to Advance LNG Value Chain

PTTEP Hires Energy Drilling’s Rig for Southeast Asia Offshore Job

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com