Nostrum oil company sees increase in losses
Baku, Azerbaijan, Nov. 23
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 got $64.26 million loss in January-September 2016 compared to $17.72 million loss in the same period of 2015, according to the company’s financial statements published Nov. 23.
The company’s revenue for the period hit $245.1 million compared to $374.8 million in the same period of 2015.
EBITDA for the reporting period was $142.6 million compared to $202.9 million in January-September 2016.
The company’s assets decreased from $2.117 billion to $2.188 billion in January-September 2016.
The company’s capital plus liabilities also increased from $2.117 billion to $2.188 billion during the period.
Nostrum’s average daily production for the nine month period of 2016 was 38,901 boepd compared to 44,042 boepd in the same period of 2015.
The principal producing asset of Nostrum is the Chinarevskoye field in Kazakhstan, in which it holds a 100 percent interest and is the operator through its wholly-owned subsidiary Zhaikmunai LLP.
In addition, Nostrum holds a 100 percent interest in and is the operator of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye oil and gas fields through the same subsidiary. Located in the pre-Caspian basin to the north-west of Uralsk, these exploration and development fields are situated approximately 60 and 120 kilometers respectively from the Chinarevskoye field.