Chernomornaftogaz ups gas output 7% in Q1
KYIV. April 3 (Interfax) - Chernomornaftogaz produced 260.9 million cubic meters (mcm) of natural gas in the first quarter of this year, a 7% or 18.1 mcm year-on-year increase, the company press service reported on Tuesday.
That increase was achieved on the strength of continued work on building up operating maritime deposits and capital repairs on wells, it said.
The company built up two existing deposits in 2011 - Golitsynskoye and Arkhangelskoye. In addition to completion work on its deposits this year, Chernomornaftogaz will be working on putting into operations the new Odesskoye and Bezymyanoye gas deposits.
Ukraine's Energy and Coal Industry Ministry approved late last year an agreement for joint operations between Chernomornaftogaz and Russian oil major Lukoil in the development of the Subbotinskoye oil and Odesskoye and Bezymyanoye gas deposits on the Black Sea shelf.
The ministry valued the project for building up the two gas deposits - factoring in already invested monies - at 2.9 billion hryvna. Gas production over the lifetimes of these deposits is projected at 10.821 billion cubic meters (bcm) - 9.131 bcm from the Odesskoye and 1.69 bcm from the Bezymyanoye deposit.
Chernomornaftogaz increased natural gas production 0.5% last year to 1.056 bcm and oil output 1.1% to 8,800 tonnes, but produced 4.8% less gas condensate (67,100 tonnes).
Company net profits for last year jumped 150% from 2010 to 53.234 million hryvna. Net income was up 11.9% at 975.242 million hryvna and gross profits 31.8% at 322.563 million hryvna.
Chernomornaftogaz carries out offshore development in Ukrainian sections of the Black and Azov Seas. The company also produces hydrocarbons at fields in the Crimea, operates underground gas storage facilities on the Glebovsky peninsula and trunk pipelines. Naftogaz Ukrainy manages 100% of the company's stock.