Production falls but prices rise for Volga Gas in June
Russia-focussed oil and gas exploration and production company Volga Gas reported average production of 3,248 barrels of oil equivalent per day for June on Friday, which was 4% lower than in May.
The AIM-traded firm put the decline down to the gas plant working at a lower capacity for seven days, due to planned maintenance on Gazprom's facilities.
“International oil pricing has been recovering during the month positively affecting domestic pricing for oil and condensate,” the board explained in its statement.
“In addition, LPG price rose significantly as a result of seasonal increases in demand.”
The average gas price rose to $1.85 per million cubic feet for June, from $1.78 in May, while the condensate price per barrel was $26.49, surging from $14.20.
Volga said the oil price per barrel was $32.03 for June, up from $20.66 in May, while the LPG price improved to $30.26 per barrel from $14.90.
At 0845 BST, shares in Volga Gas were down 5.77% at 24.5p.