Volga Gas production falls 9pc in April

Oil and gas exploration and production company Volga Gas said on Friday that its average gas processing capacity utilisation decreased by 9% in April when compared to March, due to a few days break for well testing, while test production continued using exclusively the new Redox gas sweetening process.

The AIM-traded firm said that in the coming months, implementation of the Redox gas sweetening process would continue.

During that period, its revised average daily production of gas and condensate would remain in the region of 3,800 barrels of oil equivalent per day (boepd), resulting in group production of approximately 4,500 boe per day.

That excluded incremental volumes from the LPG project, once the LPG facility was fully commissioned.

“Construction of the LPG project is near completion and testing is currently on-going as part of the commissioning process,” the Volga board said in its statement.

“The facility should be completed and in production during the second quarter of 2018.”

Volga’s average production in April was 3,788 boepd, 9% lower than March.