Novatek eyes major liquids boost in 2015

摘要

Moscow—Russia’s Novatek expects to boost its liquids production by 40% in 2015 on top of an increase in projected natural gas output despite the plunging oil price and the fact the company is currently under US sanctions. The company—the fastest growing producer in Russia in recent years—also expects its liquids output to rise again in 2016 as it brings more new projects on stream. Novatek CEO Leonid Mikhelson, quoted as saying in Davos, Switzerland, by Russia’s Prime news agency, said he expects liquids production to increase by 40% this year from the 6.035 million mt (121,200 b/d) it produced in 2014. This suggests an average crude and gas condensate production rate of some 170,000 b/d.