Volga Gas is an independent oil and gas company,
which is engaged in geological exploration and production of oil, gas and gas condensate in the Saratov and Volgograd regions, as well as the Republic of Bashkortostan.
About us
We have 100% interest in five licences in the Volga region. We carry out geological exploration, as well as production of oil, natural gas and gas condensate.
Geography of sales
Produced gas is processed to meet pipeline standards and sold directly to Gazprom via inlet, located at the plant. Condensate is mainly sold on the domestic market, although since the end of 2015, international shipments comprise up to 48% of total production amount.
* Source - independent assessment gas and condensate reserves by Panterra Group (07.02.2020) and oil reserves by Geostream Assets Management (2017).
Sobolevskoye oil field
Hydrocarbon type:
Licence expiration date:
Saratov region
Uzenskoye oil field
Hydrocarbon type:
Licence expiration date:
Saratov region
Vostochno-Makarovskoye gas/condensate field
Hydrocarbon type:
Licence expiration date:
Volgograd region
gas, condensate
Dobrinskoye gasprocessing plat
Hydrocarbon type:
Licence expiration date:
Volgograd region
gas, condensate
Muradymovskiy block
Valid until:
40,5 sq.km
31 May 2023
License type: hydrocarbons exploration and evaluation
Karpenskiy block
Valid until:
4166 sq.km
31 December 2021
License type: hydrocarbons exploration and evaluation
Caring about the environment
Water disposal by injection into deep horizons
Transition to a waste-free Redox gas sweetening
No flares
We have eliminated the waste of valuable non renewable energy resources;
The gas is completely processed and delivered to the market;
Ceased CO2 emissions into the atmosphere.
We've given up on higly toxic and non-reusable reagents
The cost of the project: $ 1,5 million
Disposal costs decreased by
$ 4 million / year
$ 2 million / year
Gas sweetening without toxic waste. Hazardous, formaldehyde based substances were eliminated
from the production cycle.
Major projects
Project costs: $ 6 milion
Additional revenue per year + 10%
Return on investment: 1,5 year
Only 16 months from idea to the first commercial product
The project was completed with the Russian made equipment
Final CAPEX and delivery dates were several times lower than initially expected

From idea to:
First product (testing stage):
Commercial product:
10 months
16 months
No additional mineral extraction tax.
How the LPG plant was built
Watch the time-lapse video to see the full process of LPG plant construction
Simultaneous stages of engineering and construction.
We have transited to a waste-free production system, without flare gas.
Well 101
Project costs: $ 7 million
3 months
4 658,3 m
Drilling time
Total driller legth
(all pilots and sidetracks)
The most advanced logging while drilling complex:
Directional drilling with rotary steerable system;
MEGAGRILL hydrocarbon-based drilling fluid;
Interactive geomechanical modeling while drilling.

Slim Drill
The new project is aimed to improve the efficiency and reduce the cost of drilling
Up to 3000 m
Exploration drilling in suprasalt sediments.
10 wells drilled
Financial Indicators
Finance Operations
Cash at 30 June 2020:
Dividends paid:
$ 10.6 million
2017-2019 - $15.1 million
AIM Rule 26
As Volga Gas plc is listed on AIM, the Board has elected to adopt the Quoted Companies Alliance Corporate Governance Code for Small and Mid-sized Quoted Companies. Details of how the Company applies the principles of the Code may be found here.
Major shareholders
Dehus Dolmen Nominees Ltd *
Nicholas Mathys
Baring Vostok Investments PCC Ltd **
Genesis Development Holdings Co., Ltd.
58.81 %
15.05 %
5.94 %
3.50 %
* Dehus Dolmen Nominees Ltd is a nominee vehicle which holds the interests of the limited partnerships which comprise Baring Vostok Private Equity Fund IV.

** Baring Vostok Investments PCC Limited is a closed-end investment company registered in Guernsey and advised by Baring Vostok Capital Partners Group Limited, which also advises the Baring Vostok Private Equity Funds.
Shares in public hands
Board of Directors
The Chairman of the Volga Gas plc prepared the Corporate Governance Statement in accordance with the recommendations of the QCA Corporate Governance Code 2018.
Mikhail Ivanov
From his appointment until May 2015, Mr. Ivanov served as Chief Executive Officer of Volga Gas. Until 31 December 2014, he was also a Partner and Director of Oil and Gas Projects at Baring Vostok Capital Partners. Mr Ivanov has a long history of involvement in the oil sector. He worked for over ten years at Schlumberger, the international oil services company, where he served as head of its Iran operations and was responsible for business development in Russia. Prior to joining Shlumberger, he founded and headed two companies that focused on oil production and service. Mr Ivanov holds an MS degree in Geophysics from Novosibirsk State University and an MBA from the Kellogg School of Management of Northwestern University. He is an elected member of the Society of Petroleum Engineers.
Andrey Zozulya
Chief Executive Officer
Mr. Zozulya is a Russian citizen and has over 20 years' experience in the oil sector in Russia both with major oil and oil service companies, including over 10 years with Schlumberger. He also has experience of operating in the Saratov region in which Volga Gas' operations are based. He has a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.
Michael Calvey
Non-Executive Director
Mr Calvey is a Senior Partner of Baring Vostok Capital Partners and a Director of Baring Private Equity International and is on the Boards of several of Baring Vostok's portfolio companies. He began working in Moscow in 1994 as one of the members of the consulting committee of the First NIS Regional Fund. He is a member of the investment committees of three Baring Vostok funds. He is also a member of the Investment Committees of the Baring Asia and Baring India funds. Before 1994, Mr Calvey lived in London and New York, where he worked at the European Bank for Reconstruction and Development ("EBRD") and Salomon Brothers. At EBRD he was responsible for investments in the energy sector of Central and Eastern Europe. At Salomon Brothers Mr Calvey worked on mergers and acquisitions and capital market projects in the oil and gas sector. He is a member of the Boards of the Atlantic Council and the Emerging Markets Private Equity Association.
Aleksey Kalinin
Non-Executive Director
Mr Kalinin is a Senior Partner of Baring Vostok Capital Partners. He joined Baring Vostok in 1999 from Alfa Capital, where he served for six years as the Director of the Department for Direct Investments. Alexei represents the interests of Baring Vostok's funds on the Board of Directors of a wide range of portfolio companies. He has a doctorate from the Moscow Power Engineering Institute, where he conducted scientific research, lectured for 12 years and served as the Director of the Youth Center for Scientific and Technical Creativity.
Vladimir Koshcheev
Non-Executive Director
Mr Koshcheev currently acts as President of Joint Stock Company "NPO POG". Until 2009 he was President of Pervaya Investizionno–Stroitelnaya Company LLC, Spinaker LLC.  He has been Chairman of CJSC AKSM since 2002. Mr Koshcheev was President of Privolzhskaya Neftyanaya Company LLC between 2003 and 2005 and was previously a shareholder in and acted as President of Vesla. Mr Koshcheev received a specialist diploma from Moscow State Technical University in 1978 and he is a member of the Russian Academy of Natural Sciences.
Stephen Ogden
Non-Executive Director
Mr Ogden is a Non-Executive Director of the West African shopping mall operator Persianas. He was previously a Non-Executive Director of United Confectioneries (Russia), Heineken Russia and Metropolis Media (former Yugoslavia). Mr Ogden was Chief Financial Officer of the Bochkarev Brewery in St Petersburg from 1997 to 2002. Prior to becoming Chief Financial Officer of Bochkarev, Mr Ogden was an auditor with KPMG and PricewaterhouseCoopers, and Financial Controller of CS First Boston (Moscow). Mr Ogden has a joint honours degree in economics & politics from Durham University, England, and is a qualified British chartered accountant ("FCA").