Novatek Reports Q3 Dip in Gas Output as Oil and Condensate Increase
The update points to a mixed quarter marked by weaker gas metrics alongside stronger liquids performance year on year.
Overview
- Natural gas production declined 2.2% year on year in the third quarter, according to the company’s operational update.
- Oil and gas condensate output rose 3% in the quarter to 3.52 million metric tons.
- Total hydrocarbon production for Q3 measured 161.4 million barrels of oil equivalent, a decrease of 1.2% from a year earlier.
- Preliminary third-quarter sales showed natural gas volumes at 16.3 billion cubic metres, down 3.1% year on year, while liquid hydrocarbon sales reached 4.5 million tons, up 13.2%.
- As of September 30, inventories stood at 2.1 billion cubic metres of natural gas, including LNG, and 1.2 million tons of stable gas condensate and petroleum products.