Press Releases and Events
NOVATEK Reports Preliminary Operating Data for the Third Quarter and Nine Months 2024
Moscow, 14 October 2024. PAO NOVATEK (“NOVATEK” and/or the “Company”) reported today preliminary operating data for the third quarter and nine months 2024.
In the third quarter 2024, NOVATEK’s hydrocarbon production totaled 163.4 million barrels of oil equivalent (boe), including 20.57 billion cubic meters (bcm) of natural gas and 3.4 million tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 8.5 million boe, or by 5.5% compared to the third quarter 2023.
In the nine months 2024, NOVATEK’s hydrocarbon production totaled 494.1 million boe, including 62.30 bcm of natural gas and 10.2 million tons of liquids, resulting in an increase in total hydrocarbons produced by 17.3 million boe, or by 3.6% as compared to the nine months 2023.
Preliminary total natural gas sales volumes, including volumes of LNG sold, in the third quarter 2024 aggregated 16.87 bcm, which is practically equal to the prior year period, whereas the sales volumes in the nine months 2024 aggregated 56.16 bcm, resulting in a decrease of 2.3% as compared with the nine months 2023.
Preliminary total sales volumes of liquid hydrocarbons in the third quarter aggregated 3.9 mmt, which was 4.3% lower than in the third quarter 2023, whereas the sales volumes in the nine months 2024 aggregated 12.2 mmt, which was 3.0% higher than in the nine months 2023.
At 30 September 2024, NOVATEK had 1.7 bcm of natural gas, including LNG, and 1.7 mmt of stable gas condensate and petroleum products in storage or transit and recognized as inventory.
NOVATEK’s hydrocarbon production including share in the production of joint ventures
|
Q3 2024 |
Q3 2023 |
Change, % |
9M 2024 |
9M 2023 |
Change, % |
|
|
20.57 |
19.76 |
4.1% |
Natural gas, bcm |
62.30 |
60.99 |
2.1% |
|
3.41 |
3.00 |
14.0% |
Liquids, mmt |
10.24 |
9.09 |
12.6% |
|
163.4 |
154.9 |
5.5% |
Total hydrocarbons, mmboe |
494.1 |
476.8 |
3.6% |
|
1.78 |
1.68 |
5.5% |
Total hydrocarbons, mmboe per day |
1.80 |
1.75 |
3.3% |
***
Information provided in this press release represents expected results of PAO NOVATEK operations in the third quarter and nine months 2024. The information represents preliminary assessment only, which can be adjusted after statistical, financial, fiscal and business reporting becomes available. Therefore, the results and indicators actually achieved may significantly differ from any declared or forecasted results in the third quarter and nine months 2024. PAO NOVATEK assumes no obligation (and expressly declares that it has no such obligation) to update or change any declarations concerning any future results, due to new information obtained, any future events or for any other reasons.
PAO NOVATEK is one of the largest independent natural gas producers 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 Area, 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.