PRESS-RELEASE
The JV PPC business results in 2007
JV Poltava Petroleum Company continues as the largest domestic non-state producer of oil and gas, supplying approximately 3% of the Ukraine’s oil and gas production.
Over 2007 the Company produced 249,500 tons of crude oil and 436,600,000 cu m of gas. Production increased by 13%, which is a maximal possible level of production, given the existing technological restrictions.
The last year drilling programme covered both optimization of the field development and evaluation of prospects within the existing licences.
13 wells were drilled and 12 of them were put in operation.
Capital investments in the amount of UAH 324,712,000 offered an opportunity to expand the field production capacities. Major components of the upgrading include a new low pressure manifold, a new inlet separator and upgraded flare controls.
The volumes of sales (VAT incl.) amounted to UAH 1.1 bln, including revenues of UAH 737,000,000 for crude oil and UAH 359,600,000 for gas, which is a raise by 32% and 58% respectively on 2006.
In 2007 the profit before tax made UAH 709,576,000; the Company paid UAH 360,845,000 of taxes and mandatory payments.
Recognising the social responsibility of business before the communities, the Company donated UAH 4,331,391 for charity, including UAH 4,093,000 donated to Novo Sanzhary Rayon.
The Company continues aiming efforts at expending its exploration and development licence portfolio. |
