Well productivity in a moderately-rich-gas/condensate reservoir decreased rapidly and then increased as the reservoir was depleted. Compositional reservoir simulation indicated that, during early production, a condensate ring formed around the wellbore when near-wellbore pressure dropped to below dewpoint pressure, The high condensate saturation in the ring severely reduced effective permeability to gas, resulting in reduced gas production. After pressure throughout the reservoir declined to below dewpoint pressure, condensate formed throughout the reservoir and gas flowing into the ring became leaner, decreasing condensation in the ring and causing gas productivity to increase.