NOVATEK’s gross production of natural gas down 2.4% to 15.71 bcm in QI'14

In the first quarter 2014, NOVATEK’s gross production totaled 15.71 billion cubic meters (bcm) of natural gas and 1,370 thousand tons of liquids (gas condensate and crude oil), resulting in a decrease in natural gas production by 2.4% and an increase in combined liquids production by 15.6%, as compared with the first quarter 2013, the company says in its press release.

NOVATEK is Russia’s largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 90% of Russia’s natural gas production and approximately 17% of the world’s gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation.