Kazakh oil company’s losses exceed $17.5M
Baku, Azerbaijan, Nov. 26
By Elena Kosolapova - Trend:
Nostrum Oil & Gas plc, an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, in January-September incurred losses worth $17.7 million against over $108 million profit in the same period of 2014, the company said Nov.25.
The fall of world oil prices by almost 50 percent has led to a 40 percent decline in revenues of Nostrum Oil & Gas up to $374 million.
The company's average daily production was slightly more than 44,000 barrels of oil equivalent per day versus 45,200 barrels of oil equivalent per day in the same period of 2014.
Nostrum Oil & Gas LP (Zhaikmunai LP before December 2013) is an independent oil and gas enterprise currently operating in northwestern Kazakhstan.
Its main asset is the Chinarevskoye field located in the northern part of the oil-rich pre-Caspian basin. Other assets currently include the Rostoshinskoye field, the Darjinskoye field, and the Yuzhno-Gremyachenskoye field, which are all located in the vicinity of the Chinarevskoye field and its Gas Treatment Facility (GTF).
Nostrum Oil & Gas LP focuses on creating long-term shareholder value through the discovery and development of oil and gas reserves as well as the production and sale of crude oil, stabilized condensate, LPG and dry gas. The Partnership is committed to a long-term strategy of developing its hydrocarbon fields efficiently, as part of its environmentally friendly and socially responsible approach.
Follow the author on Twitter: @E_Kosolapova