Novatek: Q1 Results: Gas Production Up 4.7%, Combined Liquids Up 46.2%

OAO NOVATEK reported today preliminary operating data for the first quarter 2015.

NOVATEK’s sales production totaled 16.15 billion cubic meters (bcm) of natural gas and 1,991 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in natural gas production by 0.73 bcm, or by 4.7%, and an increase in combined liquids production by 629 thousand tons, or by 46.2% as compared with the first quarter 2014.

The Company processed 2,490 thousand tons of unstable gas condensate at the Purovsky Processing Plant, which represented a 79.8% increase as compared with the corresponding volumes processed in the first quarter 2014.

In the first quarter 2015, NOVATEK processed 1,699 thousand tons of stable gas condensate at the Ust-Luga Fractionation and Transshipment Complex, which was 69.1% higher than the volumes processed at the facility in the first quarter 2014. Preliminary first quarter 2015 product sales volumes aggregated approximately 1,853 thousand tons, including 1,143 thousand tons of naphtha, 261 thousand tons of jet fuel, and 449 thousand tons of fuel oil and gasoil. As the Ust-Luga Complex achieved full capacity utilization during the period, an additional 34 thousand tons of stable gas condensate was exported from the Port of Ust-Luga in March 2015.

At 31 March 2015, NOVATEK had 621 million cubic meters of natural gas and 493 thousand tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory.