Russia-focused Volga Gas reported Tuesday that its first-half production increased by 28.1 percent to average 2,550 barrels of oil equivalent per day during the six months to June 30.
Reporting its results for the first half of 2013m, the company – which is focused on the Volga region of Russia – also confirmed that its production is currently averaging 3,263 boepd.
The firm said its average production on the Uzenskoye oil field was lower at 752 bopd (1H 2012: 939 bopd) due to increased weather disruption during March and April. Production has commenced on the Urozhainoye 2 license area, where the Sobolevskaya well is currently producing at 150 bopd.
Meanwhile, at the firm's Dobrinskoye gas plant upgrade work to increase its capacity is close to completion and an application has been made to operate the plant at higher rates.
Volga CEO Mikhail Ivanov commented in a company statement:
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.
Volga's revenues increased by 15.8 percent to $15.4 million during 1H 2013, while the firm turned the $5 million loss made in 1H 2012 into a pre-tax profit of $4.3 million.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you