Baku, Azerbaijan, Sept. 2
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, received record revenue in the first half of 2014, the company reported.
The company's revenue increased by 0.6 percent in the reporting period compared to the same period of 2013 from $442.5 million to $445 million.
Nostrum Oil & Gas' EBITDA increased 9.6 percent from $285.2 million to $312.7 million in the first six months of 2014.
The EBITDA margin increased to 70.3 percent from 64.5 percent in first half of 2013. Profit for the period decreased to $91.8 million.
The company's Total Cash Position at the end of first half of 2014 was $458.2 million, which includes $25.0 million of current investments.
The company's total average daily production increased by 0.4 percent to 46,569 barrels of oil equivalent per day and was above the 2013 guidance of 45,000 barrels of oil equivalent per day.
Crude oil and stabilized condensate production hit 42 percent of the product mix (19,484 barrels of oil equivalent per day), dry gas production - 48 percent (22,346 barrels of oil equivalent per day) and liquefied petroleum gas - 10 percent (4,739 barrels of oil equivalent per day).
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.
Edited by C.N.
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