NOVATEK: Gas Production Up (Russia)

NOVATEK reported preliminary natural gas production data for the first quarter 2013. Gross natural gas production for the first quarter totaled 16.1 billion cubic meters (‘bcm’), which is 9.7% higher than the corresponding gross production in the first quarter 2012. Gross natural gas production in March 2013 totaled 5.54 bcm, representing a 12.1% increase as compared with the corresponding gross production in March 2012. The main increase in production levels was due to the launch of the fourth stage of Phase Two development at the Yurkharovskoye field in October 2012. The growth was also supported by the launch of the second phase of the Samburgskoye field, which is being developed by OOO SeverEnergia (NOVATEK’s share is 25.5%) and the acquisition of a 49% equity stake in ZAO Nortgas, which is producing gas and liquids at the North-Urengoyskoye field. [mappress] LNG World News Staff, April 04, 2013; Image: Novatek