Saratovneftegaz ups net profit 1.8-fold in 2011
SARATOV. Feb 14 (Interfax) - OJSC Saratovneftegaz , part of oil company Russneft , boosted its net profit 1.8-fold last year to 3.172 billion rubles, the company said in a press release.
Saratovneftegaz explained the jump by an increase in revenue from oil and gas sales as a result of growth in gas sales volumes and prices.
In Q4 2011 alone, the company had net profit of 840.775 million rubles, up 34.9% over the same period of 2010 and up 17.2% over Q3 due to increased revenue from oil and gas sales.
Saratovneftegaz produces oil and gas in the Saratov and Volgograd regions.
As of July 1, 2011, Saratovneftegaz had produced oil with gas condensate at 35 fields, 34 of which are currently in the stages of industrial development. Most of its oil comes from fields with difficult-to-recover reserves in conditions of high water content and falling well flow rates. The company is therefore searching for ways to minimize capital and production expenses and to boost oil recovery through the use of new technologies and equipment.