OAO NOVATEK ("NOVATEK" and/or the "Company") reported today preliminary operating data for the first quarter 2014.
In the first quarter 2014, NOVATEK's gross production totaled 15.71 billion cubic meters (bcm) of natural gas and 1,370 thousand tons of liquids (gas condensate and crude oil), resulting in a decrease in natural gas production by 2.4% and an increase in combined liquids production by 15.6%, as compared with the first quarter 2013. The decrease in natural gas production was due to the disposal of the Company's share in Sibneftegas at the end of 2013. Excluding Sibneftegas fields, NOVATEK's natural gas production increased by 7.1% year-on-year.
NOVATEK processed 1,385 thousand tons of unstable de-ethanized gas condensate at the Purovsky Processing Plant, representing an increase in liquid volumes processed by 16.4% as compared with the first quarter 2013.
In the first quarter 2014, NOVATEK processed 1,005 thousand tons of stable gas condensate at the Ust-Luga Complex launched in June 2013. Preliminary first quarter 2014 product sales volumes aggregated approximately 965 thousand tons, including 775 thousand tons of naphtha, 99 thousand tons of jet fuel, and 91 thousand tons of heating oil and gasoil.
At 31 March 2014, NOVATEK had 806 mmcm of natural gas and 434 thousand tons of stable gas condensate and its products in storage or transit and recognized as inventory. The year-on-year increase in natural gas recorded as inventories was due to abnormally warm weather conditions in the fourth quarter 2013 and first quarter 2014 across NOVATEK's key regions of sales.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.