12 Sep 2023 13:48

Novatek raises estimate slightly for growth in output of liquid hydrocarbons to 2%-2.5% in 2023, gas production unchanged

VLADIVOSTOK. Sept 12 (Interfax) - Novatek will boost gas production slightly in 2023, and output of liquid hydrocarbons will increase 2%-2.5%, Novatek CEO Leonid Mikhelson told reporters.

Mikhelson in June had said that gas production would remain at 82 billion cubic meters, perhaps increase 1%-2%, and growth in output of liquid hydrocarbons would be 1%-2%.

Mikhelson delivered other estimates on Tuesday, saying "[Growth in] the volume of gas production is expected to be zero-point-something percent in 2023, at around 82 bcm, slightly more than last year."

"There will probably be a slight increase in liquids. The drop in oil should be rather significant, though with significant growth in condensate also, partly from new capacities, and, which is very important, partly that we are going deeper, I mean into Jurassic deposits. Yamal LNG has, in my opinion, already launched somewhere about 1.5 bcm of gas from Jurassic deposits, with a large amount of condensate, so the overall increase [in liquid hydrocarbon output] should be 2%-2.5%, along with the drop in oil," Mikhelson said.