Ukrnafta oil production up 8% yoy in October

Ukrnafta (UNAF UK) increased oil output by 7.7% yoy to 182 kt in October, Interfax reported on Nov.12, citing a source in Ukraine’s Energy Ministry. Total oil production fell 2% yoy to 1,710 kt in 10M12 (compared to a 3% yoy drop in 9M12). The company’s natural gas production fell 6.4% to 1.68 bcm in 10M12, while gas condensate output grew 6.2% to 167 kt for the period.

Roman Dmytrenko: The third consecutive month of oil output growth confirms that we might be witnessing the turnaround of Ukrnafta’s multi-year production downtrend. The company’s current production rate of 180 kt per month will allow it to post flat yoy oil output in 2012 and report low-single digit growth next year, if it maintains this pace.