Exploration & Production

Novatek plans to double gas output by 2020

Russia's second-largest gas producer Novatek plans to double its gas output by 2020 and expects to increase its 2012 gas output by around 6 to 7%, the company's Chief Financial Officer Mark Gyetvay said on Tuesday.
By Staff reporter 15 November 2011 0 1848

Russia's second-largest gas producer Novatek plans to double its gas output by 2020 and expects to increase its 2012 gas output by around 6 to 7%, the company's Chief Financial Officer Mark Gyetvay said on Tuesday.

Novatek plans to produce 51-52 billion cubic metres of gas this year, just over a 10th of Russian state gas export monopoly Gazprom's expected output, and up from 37.78 bcm in 2010.

"Based on next year's development programme, we can anticipate production growth in natural gas in a range of 6...