The Czech oil and gas company MND is considering investing at least $60 million in hydrocarbon production projects in Ukraine as part of a partnership with the Naftogaz Group.
Naftogaz and MND signed a memorandum of understanding on potential cooperation regarding three existing production-sharing agreements between Ukrgazvydobuvannya and the Ukrainian government. The document was signed during the Carpathian Eight Summit, the group reported.
If the agreements are implemented, MND will be able to participate in the development of Ukrainian fields and contribute its own capital, technology, and operational expertise to the projects.
The initial investment under the three agreements could total $60 million. However, the Czech company’s participation has not yet been finalized—it will depend on the results of the relevant competitive selection process.
Naftogaz views attracting international oil and gas companies as one of the tools for increasing its own gas production amid regular Russian attacks on Ukraine’s energy infrastructure.
Serhiy Fedorenko, acting head of Naftogaz, noted that the group is interested in international partners capable of bringing investment, modern technologies, and practical experience.
In turn, Yana Gamrshmidova, CEO of the energy division at MND Group, stated that the company is already contributing to Ukraine’s energy resilience and intends to introduce new technologies and create jobs.
MND is of particular interest as a strategic investor because it is not a financial institution but an active European energy company with its own expertise in hydrocarbon exploration and production.
For Ukraine, attracting such a partner could mean not only an inflow of foreign capital but also access to field development technologies and management expertise from the European oil and gas industry.
The memorandum is not yet a final investment agreement. The parties must still agree on the terms of cooperation, and MND’s potential participation in production-sharing agreements must go through the procedures required by law.
However, the announced initial investment of $60 million makes the initiative one of the most significant new projects involving private European capital in Ukraine’s extractive industry.
