Novatek Rides High on Production Increases for 2008



OAO Novatek has reported preliminary production data for the second quarter and first half 2008.

Gross production for the second quarter totaled 7.5 billion cubic meters of natural gas and 603 thousand tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 210 million cubic meters, or by 2.9%, and gross liquids production increased by 10 thousand tons, or by 1.7%, as compared with the corresponding gross production in the second quarter 2007.

In the first half 2008, gross production for Novatek totaled 15.19 billion cubic meters of natural gas and 1.24 million tons of liquids. Natural gas production increased by 290 million cubic meters, or by 1.9%, whereas gross liquids production increased by 29 thousand tons, or by 2.4% as compared with the corresponding gross production in the first half 2007.

In the second quarter and first half 2008, Novatek processed 515 and 1,066 thousand tons of unstable gas condensate at the Purovsky Gas Condensate Processing Plant (Purovsky Plant).