Eastern Europe Focused Energy Firms Increase CAPEX

Eastern Europe-focused oil and gas companies Nostrum Oil & Gas plc and PJSOC Bashneft both increased their capital expenditure (CAPEX) in the nine month period ended September 30, bucking the trend of energy firms reducing CAPEX amid the current lower oil price environment.

Nostrum and Bashneft’s CAPEX for 9M increased year on year by 4.1 percent, to $209 million, and 35.5 percent, to $646 million, respectively. During the period, Nostrum’s revenue dropped 39.6 percent year on year to $374.8 million and its EBITDA dropped 50.9 percent year on year to $202.9 million. The company’s average daily production for 9M was 44,042 barrels of oil equivalent per day, compared to 45,204 boepd in 9M 2014. Bashneft’s 9M revenue also decreased year on year by 2 percent, to $6.9 billion, although its EBITDA increased by 19.1 percent year on year to $1.5 billion. Oil production for Bashneft hit 14.6 million tons in 9M 2015, up 12.1 percent from 9M 2014.

A range of oil and gas companies have slashed their CAPEX for 2015 and beyond, including Total S.A, Repsol S.A, BP plc, Statoil, Eni, Royal Dutch Shell plc and OMV. Russia’s Gazprom revealed Oct 20 that it will increase its investment spend in 2015 by $3.70 billion.

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