Volga Gas reports profit for H1

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20 September 2013, Gas, LPG

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Revenue for the six months ended June 30, 2013 was $15.39 million, compared to $13.25 million for the same period ended June 30, 2012.

Gross profit for the six months ended June 30, 2013 was $6.65 million, compared to $5.61 million for the same period ended June 30, 2012.

Operating profit for the six months ended June 30, 2013 was $4.24 million, compared to an operating loss of $4.57 million for the same period ended June 30, 2012.

Mikhail Ivanov, CEO of Volga Gas, said: "Following completion of the first phases of the gas plant upgrade in October 2012, Volga Gas has achieved its initial aim of having its three main fields on full time production. We have added further production capacity with successful well recompletions and have brought additional, albeit modest, oil production on stream at Sobolevskoye.

"The remaining stages of the plant upgrade are close to completion, and pending receipt of the necessary authorization, we expect to more than double gas and condensate production from our existing wells. This would take the Group's total production to over 4,000 boepd. Once we have achieved the increased gas plant capacity, we plan to undertake further development drilling on the VM field with the aim of making full utilization of the higher capacity and to achieve a medium term target of over 7,000 boepd."

Source: MarketLine

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