Russia focused independent oil producer, Alliance Oil, has posted a 1H 2009 Net profit of $97 million under IFRS.

The bottom line is down 70% from the $205 million posted by West Siberian Resources, as Alliance Oil was formerly known, for 1H 2008, with EBITDA falling to $185.3 million for 1H 2009 from $352.6 million a year earlier, on 1H 2009 Revenues of $691.7 million, down from $1.418 billion a year earlier.

The 1H result included a 2Q Net Profit of $46.5 million, down year on year from $159.4 million, with 2Q EBITDA of 85.5 million, down from $269.3 million, on 2Q Revenues of $364.2 million, down from $869.1 million a year earlier.

The company lauded the better than expected results, saying they reflected an improvement in the global crude market and a better upstream environment as oil product prices stabilized, after sharp falls in late 2008.

Managing director, Arsen Idrisov, says signs of growth in the company’s domestic markets are apparent in 3Q 2009 with Alliance Oil looking to underpin its future production.

“The improved operating conditions and our strengthened financial position allow us to reassess investment opportunities for growth in coming years. We are now reviewing our capital expenditures in upstream and are making preparations for additional drilling in the fourth quarter 2009. The investment program for the downstream segment will stay unchanged.”