Gas & Condensate Production Figures in Ukraine for Seven Months 2011

In July Ukrainian oil and gas companies decreased oil and gas condensate production by 6.5% year-over-year, to 2.0 MMbbl, bringing 7 months 2011 output down 5.2% to 14.3 MMbbl. Gas production inched up 0.7% in July, to 1.67 bcm, bringing 7 months 2011 production to 11.7 bcm (flat year-over-year).

Dragon Capital comments on the news:

JKX Oil & Gas, operating in Ukraine via Poltava Petroleum Company, posted a 2% year-over-year decrease in oil and gas condensate production in July (to 0.06 MMbbl or 1,868 bpd; -10% month-over-month), bringing 7 month 2011 production down 28% year-over-year to 0.42 MMbbl (1,998 bpd). Its gas production increased by 16% year-over-year to 7,520 boepd last month (-6.5% month-over-month), with 7 month 2011 output at 0.24 bcm (+8.4% year-over-year; 7,062 boepd).

Ukrnafta cut oil and gas condensate production in July by 8.6% year-over-year to 1.4 MMbbl (45 kbpd), bringing 7 month 2011 output to 9.8 MMbbl (46.3 kbpd; -8.2% year-over-year). Its gas extraction was down 12.3% year-over-year to 0.18 bcm in July (37.2 kboepd) and down 13.7% to 1.3 bcm (37.4kboepd) in 7 month 2011.