Novatek intends to increase gas and condensate production in 2020 by 1.5-2%

TASS Russian News Agency | Jan 23, 2020 at 7:03 AM

DAVOS, January 23. /TASS/. Russia's largest independent gas producer Novatek intends to increase gas and condensate production by 1.5-2% in 2020, Head of Novatek Leonid Mikhelson told reporters on the sidelines of the World Economic Forum (WEF) in Davos.

"There will be a slight increase both in liquid (hydrocarbons) and gas. Due to decline in old fields, growth will be small - 1.5-2% - in both liquids and gas," he said.

Novatek's gas production in 2019 increased by 8.6% to 74.7 bln cubic meters, production of liquid hydrocarbons - by 2.9% to 12.15 mln tonnes. The volume of sales of natural gas, including liquefied natural gas (LNG), amounted to 78.45 bln cubic meters, which is 8.8% higher than the same indicator for 2018.

Production growth was due to the implementation of LNG projects. Michelson previously said that Novatek in 2020-2021 will consider increasing the plan for LNG production to 70 mln tonnes per year by 2030.