(Alliance News) - Russia-focused oil & gas firm Volga Gas PLC cut its annual production guidance Monday after output in October sank sharply on the month prior.
In October, Volga produced an average of 3,134 barrels of oil equivalent per day. This was 18% lower than the 3,814 barrels average in September and the 4,995 barrels averaged over the first 10 months of 2019.
Underlying this, gas output fell 21% to 8.3 million cubic feet per day, condensate 14% to 1,219 barrels per day, oil down 10% to 427 barrels per day and liquid petroleum gas down 33% to 112 barrels per day.
"Lower production resulted primarily from the gas plant downtime incurred by Gazprom pipeline maintenance and LPG expander equipment erection works," Volga said in a statement.
Following the weak October output, Volga now expects average production for the remainder of 2019 to be around 3,500 barrels of oil equivalent a day. This would result in 2019 totals of 4,700 barrels of oil equivalent per day.
In 2018, average production stood at 5,144 barrels of oil equivalent per day.
Shares in London-based Volga were 3.0% lower at 32.00 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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