OREANDA-NEWS. May 19, 2011. Revenue of ITERA Oil and Gas Company from selling gas and oil went up 33.4 per cent (according to RAS) to RUR 16.2 billion in the first quarter of 2011, if compared to the same period of last year, reported the press-centre of ITERA.

The revenue growth is attributed to the price rise by the Federal Tariffs Service in respect of natural gas, as well as increased gas sales. The Company had delivered consumers 6.3 billion cu m of gas in the first quarter of 2011. The Company produced 3.4 billion cu m of that volume.

The net profit of the Company was RUR 2.1 billion in January – March of 2011.

Financial statements of ITERA Oil and Gas Company, LLC for the first quarter of 2011 are available at the Company’s corporate site: www.itera.ru.

ITERA Oil and Gas Company is one of the larger independent producers and sellers of natural gas in the Russian Federation. ITERA has been developing its gas production in the Yamalo-Nenets Autonomous District since 1998. The Company has invested over USD 2 billion in the development of the gas production industry. ITERA was the first private company to commission gas fields in the North of Russia. ITERA  produced the total of over 235 billion cu m of natural gas in the fields it had developed.