Baku, Azerbaijan, Aug. 31
By Elena Kosolapova - Trend:
Nostrum Oil & Gas, an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin received $163.5 million revenue in 1H of 2016 compared to $274.1 million in 1H of 2015, the company reported on Aug. 31.
The decrease in revenue reflects the 31 percent decrease in average Brent crude oil price for the period compared to H1 2015 from $59.4/bbl to $41.0/bbl, the company said.
The company’s net loss in 1H 2016 reached $55.82 million in 1H of 2016 compared to $15.2 million net profit in 1H of 2015.
EBITDA hit $100.9 million in the reporting period compared to $152.6 million in the same period of 2015.
Nostrum’s operational expenditures decreased by 30.1 percent from H1 2015 to a total of $23.4 million in Jan. – June 2016. General and administrative expenses decreased by 22 percent from 1H 2015 to a total of $19.5 million.
The company’s production in 1H of 2016 was at 38,993 barrels of oil equivalent per day (boepd), including the scheduled maintenance at the company’s gas treatment unit. Full year 2016 production guidance remains at 40,000 boepd. In the 1H of 2016 Nostrum drilled 3 new wells which will be brought online during Q3.
Nostrum’s range of products includes crude oil, stabilised liquid condensate, LPG and dry gas. Currently all production comes from the Chinarevskoye licence in Kazakhstan.
Edited by SI
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