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Novatek Q3 gas output rises 27 percent

Novatek reported that its gas output has risen by over 27 percent

Novatek, Russia's top independent gas producer, said on Thursday its third-quarter natural gas output rose by 27.1 percent from the same period of last year to stand at 7.64 billion cubic metres (bcm).

Gas production also increased 9.2 percent in the first nine months of 2008 to 22.83 bcm from 20.90 bcm the year earlier.

Novatek, Russia's second-largest gas producer after Gazprom, plans to raise output by around 10 percent this year and by at least 20 percent next year after nearly flat production in 2007.

The company produced 28.5 bcm of gas last year and wants to increase gas output to 45 bcm by 2010 and 65 bcm by 2015.

Author: Jo Amey