DTEK Oil&Gas increases gas production by 11% in 2020
DTEK Oil and Gas, which is in charge of the oil and gas sector in the structure of DTEK Group, increased natural gas production by 10.8% (by 180 million cubic meters) in 2020, up to 1.84 billion cubic meters, the press service of the company said.
According to it, this figure became a new record for both the company and the entire private gas production sector in Ukraine, despite the difficulties in the form of low gas prices and the economic crisis caused by the coronavirus (COVID-19) pandemic.
The company said that the growth in production was due to the completion of drilling of four deep wells on Machukhske field, measures to stimulate wells of the existing stock and the introduction of innovative technologies along the entire production chain. In addition, DTEK Oil and Gas has completed a major infrastructure project and put into operation booster compressor stations, which will increase the efficiency of Semyrenkivske field development.
The company is working to build up its resource base and further increase hydrocarbon production in line with its growth strategy. DTEK Oil and Gas won an open competitive auction and acquired a special permit to develop the Budyschansko-Chutivska oil and gas field. A Production Sharing Agreement (PSA) was also signed for the Zinkivska field.
"DTEK Oil and Gas consistently demonstrates high performance. In 2020, despite the difficult conditions for the global gas production industry due to low gas prices and the pandemic, we continued to systematically invest in the development of Ukrainian gas production: last year investments amounted to UAH 3 billion, which made it possible to continue the growth dynamics in accordance with the long-term strategy development. In 2021, we set ourselves even more ambitious goals and will continue to strengthen our contribution to achieving energy independence in Ukraine," CEO of the company Ihor Schurov said.
As reported, DTEK Oil and Gas increased natural gas production in 2019 by 0.7% compared to 2018, to 1.66 billion cubic meters.
DTEK Oil and Gas is an operating company in charge of the oil and gas business within the structure of DTEK Group. It is the largest private gas production company in Ukraine.