16 Nov 2011 13:25

NOVATEK again ups 2011 gas production forecast

MOSCOW. Nov 16 (Interfax) - Independent gas producer NOVATEK has again boosted its gas production forecast for this year, this time to 51-52 billion cubic meters (bcm).

Company CFO Mark Gyetvay said during a conference call with investors that the initial production forecast for 2011 was 48.9 bcm, but was later increased to 50.51 bcm. This second increase, he said, reflects stronger Q3 demand and the company's ability to pump around 1 bcm into underground storage.

NOVATEK produced 38.6 bcm of gas in January-September (including 4 bcm by Sibneftegas, which it acquired in late-2010), and around 4.9 bcm in October, Gyetvay said.

NOVATEK produced 37.78 bcm of gas in 2010. Sibneftegas produces about 11-12 bcm of gas annually.