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Wärtsilä Norway AS is a wholly owned subsidiary of Wärtsilä Corporation in Finland. Wärtsilä enhances the business of its customers by providing them with complete lifecycle power solutions. When creating better and environmentally compatible technologies, Wärtsilä focuses on the marine and energy markets with products and solutions as well as services. Through innovative products and services, Wärtsilä sets out to be the most valued business partner of all its customers. This is achieved by the dedication of more than 18,000 professionals manning 160 Wärtsilä locations in 70 countries around the world.
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Novatek tots up reserves tally
By Upstream staff
Russian gas producer Novatek booked a 2% increase in total proved reserves in 2006, with the independent player adding it had fully replaced its annual production.
The company said total proved reserves rose to 4.664 billion barrels of oil equivalent in 2006 from 4.573 billion boe in 2005, under US Security Exchange Commission rules.
"The company added approximately 297 million boe of proved reserves under SEC standards, inclusive of 2006 production, and produced approximately 206 million boe for sale during the year," Novatek said in a statement.
Total proved reserves of natural gas rose to 651 billion cubic metres from 641 Bcm in 2005, an increase of 39 Bcm, inclusive of 2006 production, which amounted to 28.7 Bcm.
Novatek's total proved gas reserves are just slightly bigger than annual gas output of Gazprom, which has a minority stake in the company, but are enough to sustain production for 23 years, Novatek added.
But as Novatek wants to raise output by 75% to 50 Bcm a year by early next decade to benefit from rising gas prices in Russia, analysts are keen to see the company discover new deposits to keep healthy reserves to production ratio.
Novatek said it had replaced 190% of its production volumes from the appraised fields in 2004-2006.
Wednesday, 14 March, 2007, 08:15 GMT | last updated: Wednesday, 14 March, 2007, 10:01 GMT
