Ukrnafta PJSC, which with the help of the European Bank for Reconstruction and Development (EBRD) has planned projects to generate power from its own gas with a total capacity of up to 370 MW, is additionally working to attract investment to build renewable energy capacity such as solar and wind, said supervisory board chairman Duncan Nightingale.
“We want to introduce about 200 MW of renewable energy over the next two years,” he said in a blitzing interview with Interfax-Ukraine.
Nightingale recalled that, according to agreements with the EBRD, in addition to loan funds, the bank is providing the company with grant support worth several tens of millions of euros.
“All these funds will be used for the construction of gas generation. At the first stage we plan to build about 375 MW of new gas to power capacities,” the chairman of the Supervisory Board specified.
According to him, initially Ukrnafta’s plan until 2028 provides for the introduction of about 1 GW of new electricity and heat generation, as well as storages (for energy storage – IF-U), which will require significant investments.
“We plan to attract funds from current donors, national and international banks, and investors. The main task is to direct the company’s funds to the main activities to increase hydrocarbon production, and energy projects should be self-sufficient, including the attraction of financing,” Nightingale emphasized.
He thanked investors who are now supporting Ukrnafta on the way to building gas generation.
“Ukrnafta realizes the importance of traditional energy sources, especially under the conditions of martial law. At the same time, we use gas as a transition fuel for power generation. This allows us to work on environmentally sustainable solutions for the future,” summarized the Chairman of the Supervisory Board.
“Ukrnafta is Ukraine’s largest oil producer and is the operator of the national network of gas stations. In March 2024, the company entered into Glusco asset management and operates a total of 544 filling stations – 461 owned and 83 under management.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share stake. In November 2022, the Supreme Commander-in-Chief of the AFU decided to transfer to the state a share of corporate rights of the company, which belonged to private owners and is now managed by the Ministry of Defense.
Read the full blitzinterview with PJSC Ukrnafta Supervisory Board Chairman Duncan Nightingale on the sidelines of the Ukrainian House in Davos soon on the agency’s website www.interfax.com.ua.
PJSC Ukrnafta is working on implementing projects to generate energy from its own gas with a total capacity of up to 370 MW.
According to the company’s press release, this was announced by Duncan Nightingale, Chairman of the Supervisory Board of Ukrnafta, during the World Economic Forum in Davos.
He thanked the governments of Sweden, Norway, the Netherlands and the United States, as well as the European Bank for Reconstruction and Development (EBRD) for their support on the path to sustainable development and invited new partners to join the implementation of ambitious promising projects.
“We need to invest in Ukraine now. If you wait for the war to end, you may lose the most profitable projects,” Nightingale emphasized.
For his part, EBRD Vice President Matteo Patrone noted the positive financial results achieved by the company and improvements in the management system.
“They (Ukrnafta – IF-U) have demonstrated not only excellent financial results, but also true corporate governance. This is the achievement of Sergiy (Koretsky) and the Board. If two years ago I had been asked whether we would support Ukrnafta, I would have said no. But what has happened over the past 18 months is simply amazing,” he said.
“Ukrnafta is Ukraine’s largest oil producer and operator of a national network of filling stations. In March 2024, the company took over the management of Glusco’s assets and operates 547 filling stations – 462 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
“Ukrnafta holds 92 special permits for commercial development of fields. It has 1832 oil and 154 gas production wells on its balance sheet.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is currently managed by the Ministry of Defense.
Ukrnafta PJSC produced 1.170 billion cubic meters of gas in 2024, which is 6.5% more than in 2023 (1.097 billion cubic meters) and 1.418 million tons of oil, which is 0.6% more than in the previous year (1.410 million tons). According to the company’s press release on Thursday, production growth in oil equivalent in 2024 amounted to an additional 70.5 thousand tons of hydrocarbons, or 3%: 2.42 million tons against 2.35 million tons in 2023.
“Despite prolonged power outages that limited mechanized oil production, the company managed not only to compensate for the natural decline but also to ensure an increase in oil and gas volumes,” said Sergiy Koretsky, Ukrnafta’s CEO, as quoted in the press release. He added that the company has been improving its production figures for the second year in a row.
According to the company, in 2025, Ukrnafta will continue to drill new wells, upgrade equipment, replacing Soviet equipment with modern and technological equipment from world leaders, and intensify production.
“Ukrnafta is Ukraine’s largest oil producer and operator of the national network of gas stations. In March 2024, the company took over the management of Glusco assets and operates 547 filling stations – 462 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
“Ukrnafta holds 92 special permits for commercial development of fields. It has 1832 oil and 154 gas production wells on its balance sheet.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is currently managed by the Ministry of Defense.
PJSC Ukrnafta has drilled the first well in 13 years at one of its youngest and most promising fields, the company’s press service reports. The company plans to build ten more new wells there – five in 2025 and 2026.
At the same time, the field is expanding its pipeline capacity, as the current infrastructure is not able to handle the expected production.
“We are actively working at one of Ukrnafta’s youngest fields, discovered in 1990. The working conditions are extremely difficult – 1080 meters above sea level, mountainous terrain, lack of sufficient communications. The last time new facilities were built there was in 2011,” said Sergiy Koretsky, the company’s director.
According to him, the company is working at the field with its own rigs, as the market refused to buy them due to the great complexity.
“Ukrnafta is Ukraine’s largest oil producer and operator of a national network of filling stations. In March 2024, the company took over the management of Glusco’s assets and operates 547 filling stations – 462 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
“Ukrnafta holds 92 special permits for commercial development of fields. It has 1832 oil and 154 gas production wells on its balance sheet.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is currently managed by the Ministry of Defense.
PJSC Ukrnafta has announced a tender for 3D seismic surveys at Verkhnemaslovetske and South-Eastern part of Novoskhidnytske fields.
According to the company’s announcement in Prozorro, the expected value of the tender is UAH 256 million (excluding VAT), and the auction is scheduled to start on January 23.
As reported, in 2025 Ukrnafta intends to drill about 30 new wells and conduct 3D seismic surveys over almost 1,250 square kilometers of land.
“Ukrnafta is Ukraine’s largest oil producer and operator of a national network of gas stations. In March 2024, the company took over management of Glusco’s assets and operates 547 filling stations – 462 owned and 85 managed.
The company is implementing a comprehensive program to restore operations and update the format of its filling stations. Since February 2023, the company has been issuing its own fuel coupons and NAFTAKarta cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
“Ukrnafta holds 92 special permits for commercial development of fields. It has 1832 oil and 154 gas production wells on its balance sheet.
Ukrnafta’s largest shareholder is Naftogaz of Ukraine with a 50%+1 share.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state a share of corporate rights of the company owned by private owners, which is now managed by the Ministry of Defense.
In January-September 2024, PJSC Ukrnafta produced 1.05 million tons of oil and condensate, while JSC Ukrgasvydobuvannya produced almost 0.37 million tons, according to the consolidated financial statements of the group published on the website of Naftogaz,
According to the document, the country’s private companies produced about 0.19 million tons of oil and condensate during the reporting period.
At the same time, the volume of diesel fuel imports to Ukraine in the first nine months of this year increased by 7.3% compared to January-September 2023, and its total value amounted to $4.36 billion.
The report also confirms the Group’s previously announced production volume of 11 bcm of gas for the first nine months of 2024 and the production forecast for the current year of about 14.7 bcm of commercial gas.
As reported, in 2022 Ukrnafta produced 1.37 mln tons of oil and condensate (-9% compared to 2021), in 2023 – 1.41 mln tons (+3% compared to 2022).
