LONDON (Alliance News) - Volga Gas PLC on Thursday said its gas processing operations in Russia continued to run at the maximum level without disruption during January, helping the company to report its highest level of monthly production since its inception.
The oil and gas firm produced 8,176 barrels of oil equivalent daily in January, rising 1% from December when production averaged 8,060 barrels daily. Compared to one year earlier, in January 2015, production soared from just 4,790 barrels daily.
Gas still makes up the majority of the product mix, topped up by condensate and oil. Gas production in January averaged 33.5 million cubic feet per day, rising from 32.3 million cubic feet produced daily in December, and from the 19.8 million cubic feet produced daily in January 2015.
On an oil equivalent basis, gas production in January amounted to 5,580 barrels per day, rising from 5,368 barrels in December and from 3,307 barrels daily in January 2015.
Condensate production in January rose to 1,826 barrels of oil equivalent per day from 1,799 barrels in December and 1,349 barrels in January 2015.
Oil production, however, dropped in January to 770 barrels daily from 893 barrels daily in December, but was still higher than January 2015 when daily production was just 134 barrels.
Volga shares were trading up 1.5% to 56.86 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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