Petroleum Africa
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Monday, May 28, 2018
Victoria Oil and Gas (VOG) saw its gas sales fall in Q1 due to the suspension of supplies to Eneo’s thermal power plants, the main electricity supplier of the country.
During Q1 VOG sold 330 Mmcf, down 54% from the last quarter of 2017 and 71% for the same period in 2017.
The company saw an average daily gas production rate of 3.5 Mmcf/d compared to 7.94 Mmcf/d in Q4 2017 and 14 Mmcf/d in Q1 2017.
The drop in gas sales has hurt VOG’s bottom line and if Eneo does not restart its off-take of gas before July 1, the company’s financial situation could worsen. In the event that Eneo gets back on track before that date, production targets for the end of the year will be 11.3 Mmcf/d
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