PJSC Ukrnafta has called for expression of interest from potential investors offering 5 projects in upstream, drilling and gas processing. The announcement and presentation for investors are available on the company’s website. Ukrnafta expects to receive expression of interest by September 30, 2017.
Ukranfta’s new development strategy for 2017-2025 envisages considerable increase in investments to a total of USD 1.7 bn. This amount includes both internal resources and external investment. Ukraine’s largest oil producer, accounting for over 90% of local oil reserves and 70% of local oil production, is looking to double annual oil production to 21 MMbb or 3 mln tons by 2025 and increase by 50% its annual gas production to 65 bcf or 1.9 bn m3. The company presented its new development strategy at the Ukrainian Energy Day in London earlier in June this year.
The first three projects offered to potential investors envisage boosting oil and gas production at Boryslavske, Bytkiv-Babchinkse and Rudovske-Chervonozavodisvske fields including new vertical and side-track drilling, fracking and stimulations, upgrading of infrastructure. The other two projects concern investment in drilling and oil field services to benefit from activity expansion by Ukrnafta, state-controlled UGV and private companies, as well as investment in modernization of one of Ukrnafta’s gas plants to improve LPG yield and reduce losses of gas which can then be sold at market prices.
Jonathan Popper, Ukrnafta’s EVP Strategy and Business Development
“There is enormous potential is Ukrnafta’s oil and gas fields. After many years of neglect and under-investment the new management is keen to unlock this potential as rapidly as possible using both our own resources and capital and expertise from foreign and local partners”
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