Novatek Profit Rises on Gas Sales

Russian independent Novatek has said that a 16.4 per cent increase in revenue for the first half of 2012 has come about primarily as a result of increased sales of natural gas and liquified hydrocarbons.

The company, which charted the increase in revenue as compared to the first half of last year, also noticed an increase in profits as a result of the sale of 3.3 per cent for the first half of the year (compared to the same period in 2011).

The company said, in particular, a rise in natural gas sales of 14.2 per cent for the first half of 2012 had contributed greatly to the increased revenues. Production from its own company as well as joint venture company, SeverEnergia, was responsible for the greater sales of liquefied hydrocarbons, unstable gas condensate and natural gas. 

Total sales for liquids for the company increased by 9.2 per cent for the second quarter of this year, largely due to increased production at the East Tarkosalinskoye field.