Nostrum Oil & Gasoline PLC reported first-half revenues of $65.3 million, a 23.7 p.c enhance in comparison with $52.8 million within the first half of 2023.
The rise was a results of further gross sales volumes of dry gasoline and liquefied petroleum gasoline (LPG) produced from Ural Oil & Gasoline LLP and $3.9 million of condensate tolling income, Nostrum stated in an earnings launch.
Nostrum additionally posted a 44 p.c enhance in EBITDA of $22.3 million in comparison with $15.5 million in the identical interval final yr. The rise was primarily pushed by elevated manufacturing and revenues in addition to prudent price administration, the corporate stated.
- Advertisement -
Nostrum’s second-half day by day manufacturing averaged 12,220 barrels of oil equal per day (boepd) a 22 p.c enhance on 10,048 boepd within the previous-year interval. This was pushed by further volumes of dry gasoline and LPG produced from processing uncooked gasoline acquired from Ural O&G at Nostrum’s gasoline processing amenities. The rise was additionally attributed to the profitable launch of the gas-lift system growth in July 2023, which doubled its capability and helped to decelerate the manufacturing decline from the maturing Chinarevskoye subject, in addition to further LPG manufacturing from GTU-3 owing to improved yield by round 20 p.c.
“I’m happy to share the Group’s outcomes for [first-half] 2024. We delivered strong operational and monetary efficiency throughout this era, whereas additionally reaching key milestones which are strategically essential for the Firm’s transformation right into a mixed-asset power firm,” Nostrum CEO Arfan Khan stated.
“A rise of 44 p.c in EBITDA for the primary half of 2024, in comparison with the identical interval final yr, together with a web optimistic working money circulate throughout this era, highlights the profitable preliminary outcomes of the corporate’s new technique, which incorporates processing third-party hydrocarbons from neighboring Ural Oil & Gasoline LLP,” Khan continued.
“In April, we introduced our closing funding determination for the preliminary growth section of the Stepnoy Leopard Fields, adopted by the discharge of the Stepnoy Leopard Competent Individual’s Report in July, which added 110 [million barrels of oil equivalent] web to Nostrum’s 2P reserves base, at an estimated NPV10 of roughly US$220 million,” he stated.
“As all the time, well being and security stay our precedence, as we deal with operational excellence and proceed managing our liquidity to maximise worth for all our buyers and stakeholders,” he concluded.
Earlier within the month, Nostrum appointed Viktor Gladun as a non-executive director.
Gladun is a enterprise supervisor with intensive expertise within the power sector. He was the CEO and government director on the board of administrators of JKX Oil and Gasoline plc, a UK-headquartered hydrocarbon exploration firm, from 2019 via 2022.
London-based Nostrum Oil & Gasoline describes itself as an unbiased mixed-asset power firm with world-class gasoline processing amenities and an export hub in north-west Kazakhstan.
To contact the writer, e mail rocky.teodoro@rigzone.com
What do you assume? We’d love to listen to from you, be a part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all power professionals to Communicate Up about our business, share information, join with friends and business insiders and have interaction in knowledgeable group that can empower your profession in power.
