The Russian oil and gas company Novatek released preliminary results for 2017 and reported a natural gas production decrease of 6.3% in 2017, with a total output standing at 63 bcm/year. Besides, the company's liquids production (including crude oil) also fell by 5.4% to 11.8 Mt. Overall, Novatek's oil and gas production declined by 6.2% in 2017, to 513 mboe.
However, the start-up of Yamal LNG in December 2017 is likely to sustain the company's production in 2018. Yamal LNG's first train came onstream in December 2017 and the company's natural gas production levels are expected to rise. Yamal LNG's main shareholders are Novatek with 50%, Total with 20%, China National Petroleum Corporation (CNPC) with 20%, and the Chinese Silk Road Fund (10%, to be sold shortly by Novatek for the provision of a US$792m, 15-year loan to finance the project). The second and third trains are expected in 2018 and 2019, respectively.