Novatek increases gas production 8.2% in Q2
MOSCOW. July 9 (Interfax) - Novatek boosted gas production by 8.2% to 15.19 billion cubic meters (bcm) in Q2 2013 and by 9% to 31.29 bcm in H1 2013, the company reported.
Oil and condensate extraction climbed 14.6% to 1.198 million tonnes in Q2 and 11.9% to 2.383 million tonnes in H1.
Novatek processed 1.211 million tonnes of unstable gas condensate at the Purovsky gas condensate plant in Q2 and 2.401 million tonnes in H1.
The company started to process stable gas condensate at its fractionation and transshipment complex at the Port of Ust-Luga in the Baltic Sea in Q2. As of June 30, it had processed 191,000 tonnes of stable gas condensate at the complex. The first batch of naphtha produced at the complex, comprising 80,000 tonnes of product, was shipped out at the end of Q2, and as of the end of June it was headed for its destination port and recorded as "goods in transit" in inventory.
According to preliminary data, 600,000 tonnes of stable gas condensate were sold for export in Q2, compared to 785,000 tonnes in the same period of 2012. Novatek attributed the decline primarily to the launch of the complex at the Port of Ust-Luga.
As of the end of Q2, 1.38 bcm of gas and 447,000 tonnes of stable gas condensate and refined products, including 129,000 tonnes at the complex at Ust-Luga, were reflected as "remnants of finished product" and "goods in transit" in inventory.