OREANDA-NEWS. On 16 January NOVATEK reported preliminary production data for the fourth quarter and full year 2008.

Gross production during the fourth quarter totaled 8.06 billion cubic meters of natural gas and 708 thousand tons of liquids (consisting of both gas condensate and crude oil). Natural gas production increased by 447 million cubic meters, or by 5.9%, and gross liquids production increased by 65 thousand tons, or by 10.1%, as compared with the corresponding gross production in the fourth quarter 2007.

In 2008, gross production totaled 30.88 billion cubic meters of natural gas and 2.6 million tons of liquids. Natural gas production increased by 2.37 billion cubic meters, or by 8.3%, whereas gross liquids production increased by 101 thousand tons, or by 4.1% as compared with the corresponding gross production in 2007.

During 2008, NOVATEK processed approximately 2.2 million tons of unstable gas condensate at the Purovsky Processing Plant, of which 596 thousand tons was processed in the fourth quarter.

Twenty-nine tanker shipments were dispatched for export in 2008 as compared to twenty-eight tanker shipments in the corresponding period 2007. At 31 December 2008, we had approximately 220 thousand tons of stable gas condensate in transit or storage and recognized as inventory until such time as it is delivered to the port of destination.