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NOVATEK reports preliminary operating data for fourth quarter and full year 2008

Moscow, 15 January, 2009. OAO NOVATEK today reported preliminary production data for the fourth quarter and full year 2008.

Gross production during the fourth quarter totaled 8.06 billion cubic meters of natural gas and 708 thousand tons of liquids (consisting of both gas condensate and crude oil). Natural gas production increased by 447 million cubic meters, or by 5.9%, and gross liquids production increased by 65 thousand tons, or by 10.1%, as compared with the corresponding gross production in the fourth quarter 2007.

In 2008, gross production totaled 30.88 billion cubic meters of natural gas and 2.6 million tons of liquids. Natural gas production increased by 2.37 billion cubic meters, or by 8.3%, whereas gross liquids production increased by 101 thousand tons, or by 4.1% as compared with the corresponding gross production in 2007.

During 2008, NOVATEK processed approximately 2.2 million tons of unstable gas condensate at the Purovsky Processing Plant, of which 596 thousand tons was processed in the fourth quarter.

Twenty-nine tanker shipments were dispatched for export in 2008 as compared to twenty-eight tanker shipments in the corresponding period 2007. At 31 December 2008, we had approximately 220 thousand tons of stable gas condensate in transit or storage and recognized as inventory until such time as it is delivered to the port of destination.

NOVATEK’s hydrocarbon production

4Q2007 4Q2008 QoQ% Gross production 2007 2008 YoY%
7.61 8.06 5.9% Natural gas, bcm 28.52 30.88 8.3%
643 708 10.1% Liquids, mt 2,485 2,586 4.1%


Information provided in this press release presents expected results of OAO NOVATEK operations in the fourth quarter and full year 2008. 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 2008. ОАО 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.