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Eastern Economic Forum

Novatek to maintain gas output, to boost production of liquid hydrocarbons in 2023

Earlier reports said that Novatek’s production of natural gas rose by 2.8% in 2022 compared with 2021 to 82.14 bln cubic meters

VLADIVOSTOK, September 12. /TASS/. Novatek plans gas production at last year’s level of around 82 bln cubic meters or slightly higher in 2023, while the production of liquid hydrocarbons will rise by 2-2.5% due to gas condensate, Chairman of the Management Board Leonid Mikhelson told reporters on the sidelines of the Eastern Economic Forum (EEF).

"Gas production in 2023 will be at the same level of 82 bln cubic meters or slightly higher. According to our strategy, we tap 18-19% of the domestic market," he said.

"Regarding liquid [hydrocarbons], a slight increase [is expected], but in terms of oil there will be a notable decrease, though [it will be offset by] growth of condensate production at new capacities and due to production from Jurassic deposits [rich in condensate], which is why total growth will stand at around 2-2.5%," he said.

Earlier reports said that Novatek’s production of natural gas rose by 2.8% in 2022 compared with 2021 to 82.14 bln cubic meters, while the production of liquid hydrocarbons (oil and gas condensate) went down by 2.9% to 11.94 mln tons. Total production of hydrocarbons by the company gained 2% in the reporting period to 638.9 mln barrels of oil equivalent.

The 8th Eastern Economic Forum (EEF) is being held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer. TASS is the EEF’s general information partner.

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