Russia's Novatek Says Gas Output Down 2.7% In 2016

Reuters

MOSCOW, Jan 13 (Reuters) - Russia's No.2 natural gas producer Novatek said on Friday its gas output declined by 2.7 percent in 2016, while gas condensate and oil production jumped by almost 37 percent as it commissioned new fields.

Novatek's natural gas output declined to 66.10 billion cubic metres last year.

Production of gas condensate and crude oil, classified as "liquids", rose to 12.44 million tonnes, helping Russia's overall oil output reach a new post-Soviet high of 10.96 million barrels per day last year.

Novatek, controlled by its CEO Leonid Mikhelson and businessman Gennady Timchenko, a friend of Russian President Vladimir Putin, had planned to keep natural gas production flat in 2016 while targeting a 30 percent rise in output of crude oil and gas condensate.

For 2017, it expects a small decline in gas output.

(Reporting by Olesya Astakhova; writing by Vladimir Soldatkin; editing by Maria Kiselyova)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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