PJSC Ukrnafta, one of the major oil and gas companies of Ukraine, announces its production results for 2015.

Production of oil and a gas condensate amounted to 1,671 million tonnes, which is 11,5% less relative to 2014.

Gas production amounted to 1,502 billion cubic metres, which is 13,5% less relative to 2014.

The main reason for production volumes being lower is natural decline of field productivity coupled with a low level of investment in drilling new wells and capital workovers. Total investments were 550 million UAH in 2015.

“2015 was challenging for the oil and gas industry worldwide. The major decrease in oil prices caused instability and consequent reduction in investment. Ukrnafta was not able to invest enough to arrest the natural decline of its production base. However, an increased operating budget for 2016 is currently in the review stage. After it is approved by the Supervisory Board, the final sum of investments for 2016 will become clear,” Mark Rollins noted.

PJSC Ukrnafta’s preliminary budget for 2016 stipulated investments in amount of 1,3 billion UAH. This will allow to place on production a number of new wells and to maintain productive capability of the existing ones.

The investment program will be kept under review and increased in the case that world oil prices improve over the course of the year.

It should be noted that PJSC Ukrnafta exceeded its planned oil and gas production in January 2016.

For more information please contact press office: +38 044 239 14 93