Business news from Ukraine

UKRNAFTA INCREASES PRODUCTION OF OIL BY 6%, GAS BY 13% IN MARCH

PJSC Ukrnafta in March 2019 increased oil and condensate production by 6.4% (7,700 tonnes) compared to March 2018, to 128,800 tonnes, the press service of the company has reported.
Natural gas production increased by 12.9% (11.4 million cubic meters), to 100.1 million cubic meters.
The average daily production, respectively, amounted to 4,200 tonnes of oil and 3.2 million cubic meters of gas.
As reported, according to the non-audited statements, in 2018 Ukrnafta received UAH 6.628 billion of net profit against UAH 101.771 million of profit for 2017.
Last year, the company increased its oil and gas condensate production by 5% compared with 2017, to 1.448 million tonnes. Gas production decreased by 2.3%, to 1.082 billion cubic meters, production of liquefied gas by 5.2%, to 110,000 tonnes.

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UKRNAFTA BOOSTS OIL AND CONDENSATE PRODUCTION BY 4.4%

PJSC Ukrnafta boosted oil and gas condensate production in January 2019 by 4.4% compared to the same period last year, to 128,000 tonnes, while natural gas output grew by 7.4%, to 99 million cubic meters, the company’s press service has said.
“The increase in production is due to repairs to prospective wells and measures to intensify production, including perforating operations with the use of foreign-made systems with increased efficiency,” it said.
The company’s production in February continues to grow it said. So, as of February 14, the average daily production of oil and condensate was 4,200 tonnes vs. 4,100 tonnes in January 2019.
As reported, Ukrnafta in 2018 increased the production of crude oil and gas condensate by 5% (0.069 million tonnes) compared to 2017, to 1.448 million tonnes. Natural gas production in 2018 decreased by 2.3% (0.026 million cubic meters), to 1.082 billion cubic meters, production of liquefied gas fell by 5.2% (6,000 tonnes), to 110,000 tonnes.
Ukrnafta is the largest oil producing company in the country. NJSC Naftogaz Ukrainy owns 50% + one share of Ukrnafta, a group of companies associated with former shareholders of PrivatBank holds about 42% of its shares.

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UKRNAFTA SEES 5% RISE IN OIL PRODUCTION

PJSC Ukrnafta in January-November 2018 increased production of oil and gas condensate by 5.1% or 65,000 tonnes year-over-year, to 1.324 million tonnes, the company’s press service has reported.
Over the period average daily oil production was 4,000 tonnes (5.1% more than a year ago).
The company recalled that positive dynamics was observed thanks to the resumption of operation at wells at six fields, which Ukrnafta was forced to stop in the second half of 2017, as well as thanks to measures aimed at intensifying production at the existing well stock.
According to the company, gas production in January-November 2018 decreased by 3.1% (by 32 million cubic meters), to 986 million cubic meters, and the production of liquefied gas – by 5.7% (6,000 tonnes), to 100,000 tonnes.
In general, in January-November 2018, Ukrnafta carried out 14 hydraulic fractures, completed the overhaul of 97 wells, and carried out 80 operations to intensify production.
“Thanks to the overhaul, as of the end of November, an additional 51,600 tonnes of oil and condensate were produced, as well as 68.1 million cubic meters of gas. Intensification of operations added 24,100 tonnes of oil and 7.1 million cubic meters of gas,” the company said.
Ukrnafta predicts to increase in annual oil and condensate production by 5% by the end of 2018 compared to the planned figure (1.38 million tonnes), to 1.45 million tonnes. Gas production could grow by 11%, to 1.08 billion cubic meters (the target is 0.97 billion cubic meters, production in 2017 amounted to 1.11 billion cubic meters).
Ukrnafta is the largest oil producing company in the country.
Naftogaz Ukrainy owns 50% plus one share in Ukrnafta and companies associated with the former shareholders in PrivatBank own about 42%.

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UKRNAFTA SEES PROFIT RISE BY 54%

Ukrnafta saw net profit rise by 54.3% in January-June 2018 compared to the same period in 2017, to UAH 2.061 billion.
According to a company report in the information disclosure system of the National Commission on Securities and the Stock Market, its net income grew by 21.6%, to UAH 16.762 billion, gross profit by 40.8%, to UAH 9.675 billion.
In January-June 2018 Ukrnafta sold 712,800 tonnes of oil with gas condensate for UAH 9.398 billion, 117.8 million cubic meters of natural gas for UAH 889.635 million, 174,200 tonnes of fertilizers and nitrogen compounds for UAH 831.937 million, 53,000 tonnes of liquefied gas for UAH 639.321 million.
Ukrnafta has not indicated data on the sales of petroleum products for the first half of the year.
Naftogaz Ukrainy owns a 50% plus one share stake of Ukrnafta, the former shareholders of PrivatBank (Kyiv) hold about 42% of the shares.

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UKRNAFTA RECONSTRUCTS FIVE FUEL FILLING STATIONS IN KYIV REGION

PJSC Ukrnafta has reconstructed five of its fuel filling stations in Kyiv region, the company’s press service has told Interfax-Ukraine.
“As of today, within the framework of the pilot project, five filling stations in Kyiv region have been reconstructed and put into operation, another filling station is to be commissioned in the near future,” the company said.
Ukrnafta intends in early summer to proceed to the next “wave” of reconstruction, within which ten fuel stations in the western region (Lviv and Rivne regions) will be modernized.
“It is planned by the end of the year to begin the reconstruction of another 20 fuel stations. The estimated time for the reconstruction of each of the “waves” is four months,” the press service added.
The renewed fuel stations are equipped with shops and fast food zones.
The cost of reconstruction is not specified.
As reported, Ukrnafta owns a network of 537 fuel filling stations.
Naftogaz Ukrainy owns a 50% plus one share stake in Ukrnafta, a group of companies associated with the former shareholders of PrivatBank holds about 42% of shares.

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UKRNAFTA TO DRILL TWO NEW WELLS

Ukrnafta intends to drill two wells in Sumy and Lviv regions, the company’s press service has reported.
“The investment committee has approved the drilling of two new wells,” the report said.
According to the press service, in January-March 2018 the company carried out a number of steps to increase the productivity of existing wells.
“Eight wells were transferred to electric centrifugal pumps, as a result the average daily production of oil and condensate on these deposits increased by 70.4%, to 42.6 tonnes. In general, as of late March electric centrifugal pumps operated on more than 300 wells of the company,” the press service noted.
Since the beginning of the year, Ukrnafta has completed overhauls on 28 wells and has carried out 14 production intensifications.
“Among the main works carried out at the facilities is the transition to other productive horizons, the elimination of accidents with oil well tubing and downhole equipment, the elimination of leaks in the production column, the addition of productive horizons and the additional perforation of the operating ones. Thanks to the overhauls, as of March 31 the company had additionally extracted 1,082 tonnes of oil and condensate and 1.935 million cubic meters of gas. Intensification operations gave an additional 1,920 tonnes of oil with condensate and 181,000 cubic meters of gas,” the press service said.