Baku, Azerbaijan, May 25
By Elena Kosolapova - Trend:
Kazakhstan's oil company Nostrum Oil & Gas PLC, which is engaged in oil and gas production, exploration and development of fields in the Caspian Sea, reduced its operating expenses to $3.5 per barrel of oil equivalent in 1Q 2016, as compared to $4.5 per barrel of oil equivalent in 2015, said the company May 25.
The company expects to conclude negotiations on the provision of opportunities to transport its oil via KazTransOil's pipeline, and to further reduce the expenses related to the transportation of crude oil.
The first quarter of 2016 the company completed with a loss worth $12.37 million, as compared to the $1.28 million loss in the same period of 2015.
Nostrum's oil and gas output was 38,750 barrels of oil equivalent per day in the first quarter of 2016, as compared to 45,480 barrels of oil equivalent per day in the same period of 2015.
Edited by SI
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