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Tuesday, 02 December, 2008, 02:20 GMT | more >>

Urals slips to loss



By Upstream staff 

London-listed Russian oil company Urals Energy reported a net loss of $29 million in the first half of 2007, against a profit of $476,000 last year, blaming delays in shipments due to the weather.

The company said core revenues fell to $44.4 million from $58.4 million following poor weather, which resulted in delayed shipment of cargoes. It also said one-off items contributed to the loss, Reuters reported.

"However, revenues are expected to increase significantly in the second half," Urals, which plans major production boosts at a number of fields, said in a statement.

The company said it was on track to reach production of 12,000 barrels per day by the end of 2007 and 15,000 bpd by the middle of 2008 compared with the current 9,000 bpd.


Friday, 28 September, 2007, 09:40 GMT  | last updated: Friday, 28 September, 2007, 09:40 GMT

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