Ukrgasdobycha lost a quarter of its revenue due to oil price fall

​Ukrgasdobycha has reduced the average revenue from the sale of oil products and LNG by 25% or 150 mln grivnas a month to 450 mln grivnas due to the oil price fall, the chairman of Ukrgasdobycha, O. Prokhorenko, said.

Due to the price fall we have lost about 150 mln grivnas a month of cash-flow.

Monthly revenue from the sale of oil products varies dependent on the prices and offered volume of products.

Mr. Prokhorenko added that oil extraction from wells owned by Ukrgasdobycha stays profitable at the crude oil prices of $30/barrel. At such oil price the processing of raw materials will also be profitable at the Shebelinsky gas processing plant.

Meanwhile the head of Ukrgasdobycha forecast that in 2016 on average the price for crude oil in the world markets will stay at $15-20/barrel.

It is explained by the fact that Iran enters the oil market, so the price will be closer to $20 and everybody understands it, O. Prokhorenko said.