KEYFACT Energy
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 July 2020.
Production Report
Theaverageproductionin July 2020was3,590barrels of oil equivalent per day (10.5% higherthanJune2020). This increase was driven by improved availability of gas plant capacity. In the prior month production was suspended for 7 days due to planned maintenance on Gazprom's facilities.
Average production comprised:
|
July 2020 Average |
June 2020 Average |
Jan-July 2020 Average |
|
|
Gas: |
7.6 mmcfd |
6.7 mmcfd |
8.7mmcfd |
|
Condensate |
1,786bpd |
1,560bpd |
1,488bpd |
|
Oil |
416bpd |
459bpd |
482bpd |
|
LPG |
113bpd |
106bpd |
177bpd |
|
Total |
3,590boepd |
3,248boepd |
3,593boepd |
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 July 2020, the Group held cash balances of US$10.0million, and has no debt.
Pricing update
International oil pricing has been slightly recovering during the month positively affecting domestic pricing for oil and condensate. In addition, LPG price continued to grow as a result of seasonal increases in demand. Average pricing was:
|
Pricing ex VAT, USD |
July 2020 Average |
June 2020 Average |
Jan-July 2020 Average |
|
Exchange Rate (RUR/USD) |
71.2853 |
69.2239 |
69.6500 |
|
Gas price per mcf |
1.81 |
1.85 |
1.86 |
|
Condensate price per bbl |
25.95 |
26.49 |
26.65 |
|
Oil price per bbl |
34.70 |
32.03 |
31.18 |
|
LPG price per bbl |
36.70 |
30.26 |
24.49 |
KeyFacts Energy: Volga Gas Russia country profile