MOSCOW, April 27 (RIA Novosti) - Rusia Petroleum (RTS: PTRL), a Russian crude producer, said Thursday its net loss fell 49.09% in the first quarter of 2006 to 75.33 million rubles (about $2.7 million).
Rusia Petroleum, which holds a license to develop the Kovykta gas field with proven reserves of about 2 trillion cubic meters in East Siberia's Irkutsk Region, said its net loss had fallen largely due to cuts in other operating costs and non-operating expenditures.
The company's net loss amounted to 147.97 million rubles (about $5.4 million) in 4Q 2005.
The core shareholders of Rusia Petroleum are Russian-British joint oil venture TNK-BP (62.4% of the stock), Interros holding (25.82%) and the Irkutsk Region administration (11.24%).
Rusia Petroleum is expected to start developing the Kovykta gas field in late 2006.
