Ukrnafta reports 2.2% oil output decline in 2012
14 January 2013
Ukrnafta (UNAF UK) reduced its oil output 2.2% yoy to 2,033 kt in 2012, Interfax reported on Jan. 11. December oil production fell 6.2% yoy to 158.9 kt. The company’s natural gas production fell 6.3% yoy to 2.01 bcm in 2012, while gas condensate output grew 3% yoy to 199 kt for the period.
Roman Dmytrenko: After a 6.6% mom drop in Ukrnafta’s average oil output in November, the company’s daily production fell another 6.7% mom to 5.12 kt/d in December, suggesting the company’s multi-year production downtrend would continue through 2013. Despite the production decrease, we expect Ukrnafta will report 22% yoy growth in its bottom line to UAH 2.65 bln for 2012 on a 30% reduction in an oil production royalty in Ukraine since early 2012.
