Russia's largest independent gas producer, OAO Novatek (NVTK.RS), said Wednesday that as of Dec. 31, 2007, its total proven reserves increased to 4.68 million of barrels of oil equivalent from 4.66 million of barrels of oil equivalent at the end of 2006.
The company's total proven reserves of natural gas increased to 653 billion cubic meters, from 31 billion cubic meters a year earlier.
Novatek also said that growth in proved producing reserves amounted to 304 million of barrels of oil equivalent, not including production, up 9% from 2006.
In a separate statement, the company said preliminary data for the first quarter of 2008 shows gross production totaled 7.69 billion cubic meters of natural gas, up from 7.61 billion in the corresponding period of 2007.
Its first-quarter gross production of gas condensate and crude oil amounted to 637,000 liquid tons, up 18,000 tons, or 3%, from the first quarter of 2007.