Volga Gas Sees Gas and Condensate Production to Double

UK-based Volga Gas expects to double gas and condensate production from its wells in the Volga Region of Russia, according to a note released on Tuesday.

“Following completion of the first phase of the gas plant upgrade in October 2012, Volga Gas has achieved its initial aim of having its three main fields on full time production,” Mikhail Ivanov, Chief Executive Officer of Volga Gas, said.

The company has a 100% interest in three Russian companies, with licences up to 25 years.

According to the financial results for the six months of the year, group production increased by 28.1% to average 2,550 barrels of oil equivalent per day with respect to the first half of 2012. The company registered a steady production from five wells, three on the Vostochny Makarovskoye field and two in the Dobrinskoye field.

“The remaining stages of the plant upgrade are close to completion, and pending receipt of the authorization, we expect to more than double gas and condensate production from our existing wells,” Ivanov said, adding that the group’s total production would total 4,000 boepd.