Novatek Says Increased Gas Production By 8.5% Year-on-Year To 68.81Bcm In 2018

MOSCOW (Pakistan Point News / Sputnik - 17th January, 2019) Russian gas company Novatek increased gas production by 8.5 percent year-on-year to 68.81 billion cubic meters (2.43 trillion cubic feet), the company said.

In general, the company increased hydrocarbon production by 6.9 percent year-on-year to 548.4 million barrels of oil equivalent. Production of liquid hydrocarbons increased by 0.2 percent to 11.8 million tonnes.

According to preliminary data, sales of natural gas, including liquefied natural gas (LNG), increased 10.9 percent year-on-year to 72.12 billion cubic meters in 2019. The company's LNG sales on international markets amounted to 6.04 billion cubic meters.

Novatek is Russia's largest independent producer of natural gas and second overall after state-owned Gazprom. The company is engaged in the exploration, production, processing and sale of gas and liquid hydrocarbons. The fields and license areas of the company are located mainly in the Yamalo-Nenets Autonomous Area (YaNAO).