Ukrnafta is planning to clean up its old joint ventures, said CEO of PJSC Ukrnafta Mark Rollins at the 2nd Ukrainian Gas Investment Forum in Kyiv on March 23, 2017.
‘We are actively seeking to clean up any old joint ventures on our books to make them transparent and allow us adequate control over the investments’, he added.
Besides, the management of Ukrnafta is seeking new investment through international JV partners who can bring capital and new technology. The company is looking to attract partners in three areas:
• Development of oilfields, including drilling of vertical and deviated wells, sidetracks, horizontal wells with multi-stage fracking, expansion of waterflooding, 3D seismic, and artificial lift optimization from gas lift to pumps;
• Modernization of Ukrnafta’s gas processing facilities;
• Upgrade of Ukrnafta’s drilling rigs fleet
Given the well-known issues regarding Ukrnafta’s current corporate balance sheet and outstanding tax liabilities, the most effective way to attract the additional investment that Ukrnafta so desperately needs in the short term is to bring well-qualified partners. This will also enable to attract new technology and act as a catalyst to upgrade Ukrnafta’s own capabilities.
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