4th May 2020 16:59
(Alliance News) - Volga Gas PLC on Monday said production fell sharply in April, due to low demand and plant maintenance.
Average April output was 2,316 barrels of oil equivalent per day, down 43% month-on-month.
"The reduced gas plant throughput was driven by low demand for gas condensate & LPG in the domestic markets as a consequence of Covid-19 and international oil pricing drop. In addition there was a five-day shut down for planned plant maintenance," the Russia-focused oil and gas explorer said.
Gas production was 40% lower at 6.2 million cubic feet per day while condensate production dropped 57% to 694 barrels per day.
Oil production fell 2.6% to 479 barrels per day and by 54% in liquefied petroleum gas to 106 barrels per day.
Volga Gas shares closed 5.1% higher at 20.50 pence each in London on Monday.
By Eric Cunha; [email protected]
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