KYIV. Jan 30 (Interfax-Ukraine) – PJSC Ukrnafta plans in 2017 to invest UAH 2.6 billion in stabilization of production, the press service of the company has said.
“In order to ensure the long-term stabilization of production and create conditions for its growth, Ukrnafta has to invest about UAH 2.6 billion per year. According to the calculations of the company, the effect of lower oil royalties will be about UAH 1.3 billion. The budget for 2017 includes an investment program in the amount of UAH 2.6 billion,” a statement reads.
Ukrnafta in 2016 reduced oil and gas condensate output by 9.2%, to 1.518 million tonnes, gas production by 13.4%, to 1.301 billion cubic meters. Production of liquefied natural gas decreased by 12.9%, to 134,000 tonnes.
Naftogaz Ukrainy owns a 50% plus one share stake in Ukrnafta, Privat Group holds about 42% of the shares.
