Nostrum Oil & Gas PLC, the U.K.-based oil and gas exploration company operating in Kazakhstan, has published its financial report for Q1 2025 on its website. The key findings include a 40.9% year-on-year (YoY) increase in oil production to 16,830 barrels of oil equivalent per day (boepd), although the company’s revenue declined to $30 million, compared to $31.8 million in 2024.
«Revenue of US$30.0 million (Q1 2024: US$31.8 million). The increase in titled production and processed volumes from Ural O&G [Ural Oil & Gas LLP] feedstock as well as production from well No. 301 had a positive impact on revenues, off-setting the impact of the declining base production. However, revenue in Q1 2025 was reduced by a temporary crude oil inventory build-up at the end of the quarter, which was subsequently sold in May 2025,» the company said in a statement.
At the same time, in Q1 2025, the average Brent crude oil price dropped from $82.91 to $75.91 YoY.
«I am pleased to report a positive start to 2025. In Q1 2025, we delivered a 41% increase in average daily titled production year-over-year and total processed volumes increased by 68% to 24,009 boepd. These increases were driven by the ramp-up of Ural Oil & Gas LLP [(Ural O&G), a joint venture by KazMunayGas (50%), MOL Group (22.5%) and First International Oil Corporation Limited (27.5%), a subsidiary of Chinese Sinopec] production through 2024 and new production from Chinarevskoye well No. 301 from May 2024,» Arfan Khan, CEO of Nostrum Oil & Gas PLC, stated.
According to Khan, the company plans to gradually develop the Stepnoy Leopard cluster of fields in the West Kazakhstan region, with the production launch scheduled between late 2026 and early 2027.
Nostrum’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) saw a 2.8% increase to $10.9 million, while net debt stood at $440.2 million as of March 31, 2025, compared to $404.2 million as of Dec. 31, 2024.
Average daily production rose by 41% to 16,830 boepd, while total processed volume, including condensate tolled by third parties, increased by 68% to 24,009 boepd.
In particular, crude oil production rose by 11.3% to 2,650 boepd; production of stabilized condensate declined by 13.2% to 1,678 boepd; output of liquefied petroleum gas increased by 65.6% to 3,077 boepd; and production of dry gas rose by 63.4% to 9,425 boepd.
Notably, in late April, Nostrum Oil & Gas PLC reported generating $48.9 million in EBITDA in 2024, marking a 16.2% increase compared to 2023. Furthermore, in early April, the company announced it had obtained approval from Kazakhstan’s Ministry of Energy for a phased development plan for the Stepnoy Leopard cluster of fields until 2044. Nostrum controls an 80% stake in the project.
Even though Nostrum Oil & Gas PLC is a U.K.-registered company, all of its oil and gas exploration and production activities are concentrated in Kazakhstan. Among its major shareholders are the British firm First Equity Ltd and ICU Holdings, registered in the British Virgin Islands. Nostrum’s key production asset is the Chinarevskoye field, operated by Zhaikmunai, the company’s subsidiary, which holds complete ownership of the subsoil use rights for this field.
