15:49 01.06.2021

DTEK mulling expansion of its oil and gas business

2 min read
DTEK mulling expansion of its oil and gas business

DTEK is considering the possibility of expanding its oil and gas business in Ukraine, CEO of the company Maksym Timchenko has said in an interview with the Ekonomichna Pravda edition.

"We are constantly studying the deposits of all available players on the market. That is, we are open to expanding our business, without exception, with all players, including state-owned companies. If there are such opportunities not only for acquisitions, but also for joint activities, some kind of joint projects in exploration and production, we are ready for this," he said.

According to Timchenko, in particular, the assets of Geo Alliance group for DTEK are "a potential area of our interest." At the same time, he did not comment on the details of the negotiations.

As reported, in 2020 DTEK Oil and Gas increased natural gas production by 10.8% (by 180 million cubic meters) compared to 2019, to 1.84 billion cubic meters. In 2021, the company plans to increase gas production to 2 billion cubic meters.

Geo Alliance produced 203 million cubic meters of gas in 2020.

Geo Alliance is under the mandate of the international investment and consulting group EastOne, which unites the assets of Victor Pinchuk. In 2012, EastOne announced a strategic partnership between Geo Alliance and Arawak Energy Ukraine BV, part of the Vitol group of companies, one of the largest operators in the world energy market.

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