15:44 20.10.2021

Naftogaz plans to increase production by 1.8 times over 10 years, to 24 bcm – Vitrenko

2 min read
Naftogaz plans to increase production by 1.8 times over 10 years, to 24 bcm – Vitrenko

Naftogaz Ukrainy sets itself the task of increasing natural gas production in the next ten years by 1.8 times – from the current about 13 billion cubic meters (bcm) to 24 billion cubic meters, CEO Yuriy Vitrenko said during the Ukrainian Gas Investment Congress held in Kyiv.

According to him, it is advisable to develop gas production both onshore and offshore at a production cost of up to $ 160 per 1,000 cubic meters, while Naftogaz has projects cheaper than this cost.

Vitrenko also said that the company will try to attract international investments for the development of Ukrainian gas production.

"Our task is not to compete with other companies, but to become a platform for attracting investments in the gas industry," he said.

According to the presentation of Naftogaz, amid the ongoing depletion of existing fields, the main increase in production is expected due to the development of the shelf, the Yuzivske field and gas from tight gas reservoirs.

As reported, Naftogaz over the past year gained access to the Black Sea shelf, Yuzivske area and four more large oil and gas areas within the framework of the PSA.

Ukrgazvydobuvannia, 100% of which belongs to Naftogaz, in 2020 reduced gross gas production by 5% compared to 2019 - to 14.233 billion cubic meters, including marketable gas - by 1.3%, to 13.448 billion cubic meters.

In January-September 2021, Ukrgazvydobuvannia reduced gross gas production by 4.8% compared to the same period in 2020 – to 10.204 billion cubic meters, including production of marketable gas – by 4.8%, to 9.652 billion cubic meters.

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