Interfax reported that Independent gas producer NOVATEK has again boosted its gas production forecast for this year, this time to 51 billion cubic meters to 52 billion cubic meters.

Mr Mark Gyetvay Company CFO said during a conference call with investors that the initial production forecast for 2011 was 48.9 billion cubic meters but was later increased to 50.51 billion cubic meters. He said this second increase reflects stronger Q3 demand and the company's ability to pump around 1 billion cubic meters into underground storage.

Mr Gyetvay said NOVATEK produced 38.6 billion cubic meters of gas in January to September (including 4 billion cubic meters by Sibneftegas, which it acquired in late-2010) and around 4.9 billion cubic meters in October

NOVATEK produced 37.78 billion cubic meters of gas in 2010. Sibneftegas produces about 11 billion cubic meters to 12 billion cubic meters of gas annually.

(Sourced from Interfax)