NOVATEK-Tarkosaleneftegas LLC, a subsidiary of JSC NOVATEK, has commenced pilot production from gas condensate bearing layers of the North-Russkoye and East-Tazovskoye fields, the company informed.
The fields have a combined annual production capacity of 7.7 bcm of natural gas and 1 million tonnes of gas condensate.
"Our production growth in the area of the Unified Gas Supply System remains one of the key priorities of the Company's Strategy. Natural gas produced in the North-Russkiy cluster is intended for the Russian domestic market, which has proved to be very stable as compared to international markets in the recent months. Moreover, the additional volumes of gas condensate will ensure full utilization of our processing facilities," Leonid Mikhelson, NOVATEK's Chairman of the Management Board, commented.
IFRS profit of NOVATEK for 2019 attributable to the company's shareholders increased 5.3 times to RUB 865.477 billion from RUB 163.742 billion a year earlier. Total revenues increased by 3.7% to RUB 862.803 billion from RUB 831.758 billion. Normalized EBITDA including share in EBITDA of joint ventures increased by 11% to RUB 461.157 billion from RUB 415.296 billion.
IFRS loss of JSC NOVATEK for the first quarter of 2020 attributable to the company's shareholders amounted to RUB 30.68 billion against a profit of RUB 381.796 billion a year earlier. Excluding the effects of disposal of interests in subsidiaries and joint ventures and the effect of foreign exchange gains (losses), normalized profit attributable to NOVATEK shareholders amounted to RUB 53.547 billion decreasing by 18.5% from RUB 65.73 billion. Sales revenue shrank by 21.2% to RUB 184.562 billion from RUB 234.106 billion. Normalized EBITDA, including the company's share in the EBITDA of joint ventures, decreased by 14.6% to RUB 100.7 billion.
RAS net profit of JSC NOVATEK for the first quarter of 2020 increased by 4.34 times to RUB 125.56 billion from RUB 28.939 billion a year earlier. Revenue decreased 3.8% to RUB 130.351 billion from RUB 135.492 billion. Gross profit increased by 3% to RUB 59.612 billion from RUB 57.814 billion. Pre-tax profit increased 4.78 times to RUB 144.76 billion from RUB 30.276 billion.