Breaking News

Oscar Pistorius Sentenced to 5 Years in Prison
Tweet TWEET

Alliance Jumps as Tomsk Unit, Repsol Venture Start Gas Output

Alliance Oil Co. Ltd. (AOIL), a Russian oil and gas producer traded in Stockholm, rose the most in more than six weeks, after the start of natural gas projects boosted total output.

Alliance climbed as much as 4.6 percent, the biggest intraday gain since Feb. 21, and traded up 4 percent at 53.60 kronor at 12:43 p.m. in Stockholm.

March total output rose to an average 62,304 barrels of oil equivalent a day. That is a 20 percent increase from 51,982 barrels a day in January, the company said in a statement today.

Oil output expanded 2.4 percent to 53,214 barrels a day, while natural gas added 9,090 barrels a day from zero in January, according to a statement.

Repsol SA (REP) and Alliance formed the A&R Oil and Gas BV venture this year. In March, the venture announced the start of gas output in Siberia. Separately, Alliance started gas production in Tomsk in February.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.