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NOVATEK reports preliminary operating data for first quarter 2014

Moscow, 9 April 2014. OAO NOVATEK (“NOVATEK” and/or the “Company”) reported today preliminary operating data for the first quarter 2014.

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 decrease in natural gas production was due to the disposal of the Company’s share in Sibneftegas at the end of 2013. Excluding Sibneftegas fields, NOVATEK’s natural gas production increased by 7.1% year-on-year.

NOVATEK processed 1,385 thousand tons of unstable de-ethanized gas condensate at the Purovsky Processing Plant, representing an increase in liquid volumes processed by 16.4% as compared with the first quarter 2013.

In the first quarter 2014, NOVATEK processed 1,005 thousand tons of stable gas condensate at the Ust-Luga Complex launched in June 2013. Preliminary first quarter 2014 product sales volumes aggregated approximately 965 thousand tons, including 775 thousand tons of naphtha, 99 thousand tons of jet fuel, and 91 thousand tons of heating oil and gasoil.

At 31 March 2014, NOVATEK had 806 mmcm of natural gas and 434 thousand tons of stable gas condensate and its products in storage or transit and recognized as inventory. The year-on-year increase in natural gas recorded as inventories was due to abnormally warm weather conditions in the fourth quarter 2013 and first quarter 2014 across NOVATEK’s key regions of sales.

NOVATEK’s hydrocarbon production

Gross production




Natural gas, bcm




excluding NOVATEK’s share in Sibneftegas production, bcm




Liquids, mt





Information provided in this press release presents expected results of OAO NOVATEK operations in 1Q 2014. The information represents preliminary assessment only, which can be adjusted after statistical, financial, fiscal and business reporting becomes available. The information on NOVATEK’s operational results in this press release depends on many external factors and therefore, provided all permanent obligations imposed by the London Stock Exchange listing rules are unconditionally observed, cannot qualify for accuracy and completeness and should not be regarded as an invitation for investment. Therefore, the results and indicators actually achieved may significantly differ from any declared or forecasted operational results in 1Q 2014. OAO NOVATEK assumes no obligation (and expressly declares that it has no such obligation) to update or change any declarations concerning any future results, both 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.