Novatek Reports Drop in Hydrocarbon Production for 2017

By FeaturesDow Jones Newswires

Novatek (NVTK.MZ) said Tuesday that total hydrocarbon production in 2017 fell 6.2% compared with the year-earlier period.

The Russian oil-and-gas company said 2017 production of hydrocarbons fell to 513.3 million barrels of oil equivalent from 547 million barrels in 2016. Average daily production in 2017 fell 5.9% to 1.4 million barrels of oil a day, Novatek said.

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Total production included 63.39 billion cubic meters of natural gas and 11.8 million tons of liquid, the company said.

As at Dec. 31, Novatek had 1 billion cubic meters of natural gas and 754,000 tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory, the company said.

Shares at 1504 were down 0.13% at 689.50 roubles.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

January 16, 2018 10:37 ET (15:37 GMT)

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