11:58 18.02.2021

Naftogaz seeks to invest $7.3 bln in extraction in 2021-2025, have 1.8-fold rise in reserves

2 min read
Naftogaz seeks to invest $7.3 bln in extraction in 2021-2025, have 1.8-fold rise in reserves

Naftogaz plans to invest $7.3 billion in hydrocarbon production in 2021-2025, boosting reserves by 1.8 times, Chief Operating Officer of the Naftogaz Group Otto A. Waterlander said.

"In the next five years, our business plan provides that we will invest $7.3 billion in upstream and production, and in the next five years [2026-2030] we will double this amount [to $14.1 billion]," he said at the presentation of the business strategy of the Naftogaz group until 2025 in Kyiv on Thursday, adding that it will be $0.9 billion in 2021, $1.5 billion in 2022, $1.3 billion in 2023, $1.6 billion in 2024, $1.9 billion in 2025, $2.3 billion in 2026, $3.1 billion in 2027, $3.1 billion in 2028, $2.9 billion in 2029, and $2.7 billion in 2030.

The share of investments in new fields from 2023 will exceed investments in fields under exploration.

According to Waterlander, today the group will not be able to independently finance the announced plans, therefore it is planned to involve third-party investors in the processes.

According to the data released during the presentation, Naftogaz currently has 254 billion cubic meters of gas as proved gas reserves and 157 billion cubic meters of contingent and prospective gas reserves, and in 2025 plans to increase them to 250 billion cubic meters of proved and 500 billion cubic meters of contingent and prospective reserves.

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