Novatek Reports 2Q Gas, Liquids Production Increase

Russia's Novatek reported Thursday that its second-quarter production improved to 551 billion cubic feet (bcf) of natural gas and 9.7 million barrels of liquids (gas condensate and crude oil). Compared with figures for 2Q 2013, the increase in gas production was 2.6 percent while the boost to liquids production was 13.2 percent.

For the first half, Novatek's gas production was about the same as that for 1H 2013 but its combined liquids production was up 14.4 percent. When accounting for the disposal of the company's share in Sibneftgas at the end of 2013, Novatek's share of natural gas production increased by 9.9 percent during 1H 2014.

As of June 30 2014, Novatek had 56.1 billion cubic feet of natural gas and 2.6 million barrels of stable gas condensate and its products in storage or transit and recognized as inventory.

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