Novatek is burned out on "Severenergiya".
Novatek, steadily increasing the production in the recent years, lowered its forecast growth for the first time. Due to a fire in the Urengoy field, it will be 2-3 % instead of the expected 7-8 %. On the background of the recent transactions on the repurchasing of the share in "Severenergiya" by Novatek and "Gazpromneft", as well as the high debt load of the enterprise it can be quite a serious problem.
Mark Jetway, CFO Novatek, stated on Friday that in 2014 the company has reduced their forecast growth of gas production from 7-8 % to 2-3%. Thus, the company can produce 62.4-63.1 billion cubic meters of gas. NOVATEK adjusted the production growth plans of the liquid hydrocarbons from the previously announced 40-50% to 20-30% (up to 5.7-6.2 million tons). The company maintained high growth rates of the gas production, even when "Gazprom" and other market participants reduced the production. So, in 2010, NOVATEK gas production increased by 15.2%, in 2011 - by 41.5 %, in 2012 - by 7.1 %. In 2013, the company increased the gas production by 8.5% to a historic high - 62.2 billion cubic meters, the liquid hydrocarbons production increased from 4.3 million tons to 4.8 million in 2012.