4th Jun 2019 11:47
LONDON (Alliance News) - Volga Gas PLC on Tuesday reported a fall in average production from its Russian assets in May compared to the month before.
The oil & gas company said average daily production of gas, oil, condensate and liquid petroleum gas totalled 4,221 barrels of oil equivalent, down 14% from 4,905 barrels in April.
Volga said the production decline was due to maintenance on the Gazprom pipeline, which led to lower gas processing capacity during the month.
Only oil saw a monthly increase, to 468 barrels per day from 330 barrels in April.
Gas output dropped to 13.6 million cubic feet per day compared to 17.6 million cubic feet the month before, while condensate declined to 1,228 barrels per day from 1,341 barrels.
LPG production also declined to 257 barrels per day from 304 barrels.
Operations-wise, Volga said that initial flow testing of the Uzen 4 horizontal sidetrack has resulted in gas and oil production, with well testing and hydrodynamic measurements on-going during June.
Looking ahead, Volga has retained its 2019 production guidance at 5,900 barrels of oil equivalent per day.
Shares in Volga Gas were up 1.5% on Wednesday, quoted at 81.20 pence.
Related Shares:
VGAS.L