Production

In 2016, NOVATEK’s marketable hydrocarbons production totaled 537.9 million barrels of oil equivalent (boe), including 66.1 billion cubic meters (bcm) of natural gas and 12,441 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons production by 16.3 million boe, or by 3.1%, a decrease in natural gas production by 1.8 bcm, or by 2.7%, and an increase in combined liquids production by 3,347 thousand tons, or by 36.8% as compared with the twelve months 2015.

The Company processed 12,397 thousand tons of unstable gas condensate at the Purovsky Processing Plant, representing a 3.1% increase as compared with the corresponding volumes processed in 2015.

NOVATEK processed 6,918 thousand tons of stable gas condensate at the Ust-Luga Complex, which was 2.8% higher than the volumes processed at the facility in 2015. Preliminary 2016 petroleum product sales volumes aggregated 6,662 thousand tons, including 4,113 thousand tons of naphtha, 985.6 thousand tons of jet fuel, and 1,563.7thousand tons of fuel oil and gasoil. Export sales of stable gas condensate amounted to 1,305 thousand tons.

As at 31 December 2016, NOVATEK had 0.8 billion cubic meters of natural gas and 702 thousand tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory.

NOVATEK’s marketable hydrocarbon production including share in production of joint ventures

 
2015
2016
Change, %
Natural gas, bcm
67.91
66.10
-2.7%
Liquids, thousand tons
9,094

12,441 

36.8%
Total hydrocarbons, mln boe 521.6 537.9 3.1%
Total hydrocarbons, mln boe per day 1.43 1.47 2.8%
 
                 

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This information presents expected results of PAO NOVATEK operations in 2016. 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 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 2016. 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.