“Saratovneftegas” triplicated its net profit in the 1st half year
Saratov. OAO “Saratovneftegas” (incorporated in NK “RussNeft”) (RTS: RUSN) built up its net profit in 2011 2.9 times as compared with the analogous period of 2010 – up to 1 billion 614/12 million rubles, according to the quarterly report of the company.
The proceeds for the reporte period amounted to 5 billion 22.52 million rubles, that is, grew by 37.5%. The change of the proceeds amount is connected, mainly, with the change of oil prices at the domestic and foreign markets, transportation costs, production costs, says the report.
“Saratovneftegas” is engaged in oil and gas production in the Saratov and The Volgograd regions.
As of July, 1 2011 “Saratovneftegas” was producing oil and gas consensate at 35 lfields, 34 of which are under commercial development/ The main volimes of oil are produced from the oilfields with hard-to-recover reserves, in the conditions of high water influx and reduction of the wells’ flow rate, that is why the company is searching the ways permitting to minimizs capital and operational expenses and to raise oil recovery by means of applying ne technologies and new machinery.