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NOVATEK reports preliminary operating data for second quarter and first half 2007

Moscow, 26 July, 2007. OAO NOVATEK today reported preliminary production data for the second quarter and first half 2007.
Gross production for the second quarter totaled 7.29 billion cubic meters of natural gas and 593 thousand tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 230 million cubic meters, or by 3.3%, and gross liquids production decreased by 40 thousand tons, or by 6.3%, as compared with the corresponding gross production in the second quarter 2006.

In the first half 2007, gross production for NOVATEK totaled 14.90 billion cubic meters of natural gas and 1.21 million tons of liquids. Natural gas production increased by 580 million cubic meters, or by 4.1%, whereas gross liquids production decreased by 59 thousand tons, or by (4.6%) as compared with the corresponding gross production in the first half 2006.

Total gross liquids production in the 2007 periods was in line with Company forecasts and takes into account the natural decline in the concentration of gas condensate, due to decreasing reservoir pressure at the current gas condensate producing horizons, at the East-Tarkosalinskoye and Khnacheyskoye fields and the temporary production stoppage in June 2007 due to planned maintenance and repair work at these fields.

In the second quarter and first half 2007, NOVATEK processed 500 and 1,020 thousand tons of unstable gas condensate at the Purovsky Gas Condensate Processing Plant (Purovsky Plant).

NOVATEK’s hydrocarbon production

2Q2006
2Q2007
QoQ%
Gross production
1H2006
1H2007
HoH%
7.06
7.29
3.3%
Natural gas, bcm
14.32
14.90
4.1%
633
593
(6.3%)
Liquids, mt
1,270
1,211
(4.6%)

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.