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NOVATEK reports preliminary 2005 operating data

OAO NOVATEK today reported preliminary production data for 2005.

Gross production totaled 25.2 billion cubic meters of natural gas and 2,586 thousand tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 4.3 billion cubic meters, or by 21%, whereas gross liquids production decreased by 231 thousand tons, or by 8%, as compared with the corresponding gross production in 2004. The decrease in gross liquids production was primarily due to the disposal of our assets, 100% in OOO Purgasdobycha and 66% in OOO Geoilbent, in the fourth quarter 2004 and second quarter 2005, respectively. Excluding the asset disposals, gross liquids production increased by 82 thousand tons, or approximately 4% and gross natural gas production increased by 4.7 billion cubic meters, or by 23% during the period.

On a net basis (including subsidiary companies and NOVATEK’s share of production from associated companies), natural gas production rose by 63% and liquids production increased by 22% (excluding asset disposals) as compared to net production during the corresponding period in 2004.

The increase in net production is a result of reaching the first phase design capacity at both the Yurkharovskoye and Khancheyskoye fields as well as the positive impact from the asset consolidation at year-end 2004.

In the fourth quarter 2005, gross production for NOVATEK totaled 6.3 billion cubic meters of natural gas and 596 thousand tons of liquids. Gross natural gas production increased by 360 million cubic meters, or by 6%, whereas gross liquids production increased by 16 thousand tons, or by 3%, as compared to the corresponding gross production in 2004 (excluding asset disposals). On a net basis, natural gas production rose by 38% and liquids production increased by 17% (excluding asset disposals) as compared to net production during the corresponding period in 2004.

In 2005, NOVATEK processed 1.03 million tons of unstable gas condensate at the Purovsky processing plant, which commenced operations in June 2005. In the fourth quarter the plant’s throughput totaled 496 thousand tons.

NOVATEK’s hydrocarbon production for 2005 and 2004

4Q2004
4Q2005
QoQ%
GROSS PRODUCTION
2004
2005
YoY%
5,99
6,30
5 %
Natural gas, bcm
20,89
25,22
21%
0,055
 
 

Excluding disposed natural gas production, bcm

0,356
 
 
5,94
6,30
6%

Natural gas (normalized), bcm

20,53
25,22
23%
780
596
-24%
Liquids, mt
2 818
2 586
-8%
200
0
 

Excluding disposed liquids production, mt

631
317
 
580
596
3%
Liquids (normalized), mt
2 187
2 269
4%
4Q2004
4Q2005
QoQ%
NET PRODUCTION
2004
2005
YoY%
4,62
6,30
36%
Natural gas, bcm
15,86
25,22
59%
0,055
 
 

Excluding disposed natural gas production, bcm

0,356
 
 
4,57
6,30
38%
Naturalgas (normalized), bcm
15,5
25,22
63%
708
596
-16%
Liquids production, mt
2 483
2 571
4%
200
0
 
Excluding disposed liquids production, mt
631
317
 
508
595
17%
Liquids (normalized), mt
1 852
2 254
22%

PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.