Volga Gas: Production Up 20.3% In August As Plant Capacity Utilisation Increased
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to provide the following update on its average production volumes for August 2020.
Production Report
The average production in August 2020 was 4,317 barrels of oil equivalent per day (20.3% higher than July 2020). This increase was driven by higher gas plant capacity utilisation whereas production in July 2020 was constrained by Gazprom’s pipeline maintenance works. In addition, further increases in oil production came from new slim hole wells.
Average production comprised:
Aug 2020 Average | July 2020 Average | Jan-Aug 2020 Average | |
Gas: | 8.9 mmcfd | 7.6 mmcfd | 8.7 mmcfd |
Condensate | 2,111 bpd | 1,786 bpd | 1,567 bpd |
Oil | 565 bpd | 416 bpd | 493 bpd |
LPG | 162 bpd | 113 bpd | 175 bpd |
Total | 4,317 boepd | 3,590 boepd | 3,685 boepd |
Production data is based preliminary on monthly production reports prepared for submissions to the tax authorities for Mineral Extraction Tax purposes. Final monthly production reports may vary marginally from preliminary monthly production reports.
As at 31 August 2020, the Group held cash balances of US$12.1 million, and has no debt.
Pricing update
Domestic pricing for oil & LPG were slightly reduced in RUR and further impacted with local currency devaluation. Average pricing was:
Pricing ex VAT, USD | Aug 2020 Average | July 2020 Average | Jan-Aug 2020 Average |
Exchange Rate (RUR/USD) | 73.7998 | 71.2853 | 70.1772 |
Gas price per mcf | 1.75 | 1.81 | 1.84 |
Condensate price per bbl | 27.02 | 25.95 | 26.80 |
Oil price per bbl | 32.59 | 34.70 | 31.44 |
LPG price per bbl | 32.45 | 36.70 | 25.42 |
