BAKU, Azerbaijan, Aug.20
By Nargiz Sadikhova - Trend:
To date, COVID-19 has not adversely impacted operations of Kazakhstan’s Nostrum Oil & Gas PLC, the company official told Trend.
The official said that from the beginning of COVID-19 pandemic, the company put in place stringent procedures to ensure the safety and well-being of its staff and minimize disruption to production and operations.
"Actions continue to be taken; for instance, stringent testing and follow-up procedures are in place for all field personnel. We continue to monitor and follow the Kazakh government's guidance in our response to the crisis. However, to date, COVID-19 has not adversely impacted our operations,” the company official said.
The representative further noted that of course, the impact of COVID-19 on world oil prices has had an effect on company’s financial performance.
“As a result, we continue to take actions, such as a focus on cost-management initiatives, to protect our financial position and liquidity,” the company official added.
Earlier this month, the company reported that its revenues decreased from $174.2 million in 1H2019 to $92.6 million in 1H2020.
Its 1H2020 average production after treatment was 23.5 million barrels a day with average sales volumes of 22.6 million barrels a day.
Closing cash for the period was $75.7 million ($93.9 million as of December 31, 2019), whereas company’s total debt was $1.1 billion on June 30, 2020, including accrued interest of $35.6 million. The net debt stood at $1.06 billion as of June 30, 2020.
Nostrum Oil & Gas is an oil and gas exploration company based in North-Western Kazakhstan, with substantial infrastructure assets and connections to major export destinations.
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