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Novatek OAO revises production guidance for 2014-Interfax

Friday, 30 May 2014 08:40am EDT 

Novatek OAO:Novatek has revised its gas production target for 2014 downward due to the fire that struck the condensate de-ethanization unit at Arcticgas' Urengoyskoye field, Novatek CFO Mark Gyetvay said during a conference call-Interfax.Novatek now plans to increase gas production 2-3 percent this year, down from the 7-8 percent increase targeted previously.Novatek produced 61.2 billion cubic meters of gas in 2013, including its share of production at dependent organizations and joint ventures.In other words, Novatek expects to produce 62.4-63.1 bcm of gas this year.The company has also cut its growth forecast for liquids production, to 20-30 percent from 40-50 percent.Given that it produced 4.75 million tonnes of liquid hydrocarbons in 2013, Novatek now targets 2014 production at 5.7 million-6.2 million tonnes.The company expects to fully recover from the effects of the accident in the fourth quarter. 

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