5th Jun 2015 08:18
LONDON (Alliance News) - Russian oil and gas producer Volga Gas PLC said production restarted in March and April at its Vostochny Makarovskoye and Dobrinskoye gas fields following a temporary shutdown, though production was constrained in May due to maintenance work.
Volga said it had to shutdown production at the two fields for around four weeks in January due to a collapse in local demand in Russia owing to changes to export taxes which came into effect at the start of the year.
Production restarted in mid-February and, in March and April, full production was brought online in line with its plans. Volga said production during the two months averaged 16.7 million cubic feet of gas per day, 817 barrels of gas condensate per day, and 482 barrels of oil per day, giving total production of 4,086 barrels of oil equivalent per day. That compares to an average of 4,244 barrels of oil equivalent per day in 2014.
During May, however, maintenance operations on the gas plant at the fields was undertaken, which constrained gas and condensate production during that month, resulting in total production falling to 2,004 barrels of oil equivalent per day.
Elsewhere, Volga said drilling operations on the sidetrack to Well 4 at Vostochny Makarovskoye have concluded recently, with the results so far encouraging in line with those seen at Well 1, the most productive at the field.
Shares in Volga were untraded on Friday, having last traded at 63.90 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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