The company said in a news release that its gross production of liquids (gas condensate and crude oil) totaled 2.5 million tons, or 0.5% lower than 2006 levels.
"Total gross natural gas production during the 2007 period was consistent with Novatek's revised production targets due primarily to a decrease in natural gas volumes injected into underground storage which was the result of reduced off-take from the underground storage system during the unseasonably warm winter in Russia," Novatek said.
Gross production for the fourth quarter totaled 7.61 billion cubic meters of natural gas and 643 thousand tons of liquids. Gross natural gas production increased by 398 million cubic meters, or by 5.5%, and gross liquids production increased by 45 thousand tons, or by 7.6%, as compared with the corresponding gross hydrocarbon production in the fourth quarter of 2006.
