Press Releases and Events
NOVATEK Reports Preliminary Operating Data for the First Quarter 2023
Moscow, 12 April 2023. PAO NOVATEK (“NOVATEK” and/or the “Company”) reported today preliminary operating data for the first quarter 2023.
In the first quarter 2023, NOVATEK’s hydrocarbon production totaled 163.0 million barrels of oil equivalent (boe), including 20.88 billion cubic meters (bcm) of natural gas and 3.1 million tons of liquids (gas condensate and oil), resulting in an increase in total hydrocarbons production by 3.0 million boe, or by 1.8% compared to the first quarter 2022.
Preliminary total natural gas sales volumes, including volumes of LNG sold, aggregated 22.33 bcm, representing an increase of 5.2% as compared with the corresponding volumes in the first quarter 2022. The natural gas volumes sold in the Russian Federation were 19.36 bcm, which is practically equal to the prior year period, whereas LNG volumes sold on international markets amounted to 2.97 bcm, representing a growth of 60.0%.
The Company processed 3.4 million tons of unstable gas condensate at the Purovsky Processing Plant, representing an increase of 2.3% as compared with the corresponding volumes processed in the first quarter 2022. NOVATEK further processed 1.8 million tons of stable gas condensate at the Ust-Luga Complex, which is practically equal to the volumes processed in the first quarter 2022.
Preliminary petroleum product sales volumes of the Ust-Luga Complex aggregated 1.6 million tons, including 0.9 million tons of naphtha, 0.3 million tons of jet fuel, and 0.4 million tons of fuel oil and gasoil. NOVATEK sold 0.6 million tons of crude oil and 0.8 million tons of stable gas condensate.
At the 31 March 2023, NOVATEK had 0.3 bcm of natural gas, including LNG, and 1.4 million tons 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
|1Q 2023||1Q 2022||Change, %|
|Natural gas, bcm||20.88||20.64||1.2%|
|Liquids, million tons||3.08||2.95||4.3%|
|Total hydrocarbons, mln boe||163.0||160.0||1.8%|
|Total hydrocarbons, mln boe per day||1.81||1.78||1.8%|
Natural gas sales volumes, bcm
|1Q 2023||1Q 2022||Change, %|
|Total natural gas sales volumes||22.33||21.23||5.2%|
|Sold in the Russian Federation||19.36||19.37||-0.1%|
Information provided in this press release presents expected results of PAO NOVATEK operations in the first quarter 2023. 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 operational results in the first quarter 2023. 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 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.