Investments in Oil Business and Geological Survey in Ukraine 

by Meifan Honcharuk
Thursday, August 10, 2023
Investments in Oil Business and Geological Survey in Ukraine 

"Ukrnafta" announces launch of 30+ additional oil wells 

The open joint stock company of Ukrnafta announced the beginning of the construction of new wells on the territory of Ukraine. 4 oil wells will be financed by the state, and 5 other wells by investors.

In addition, the head of Ukrnafta Serhii Koretsky, reported on the expansion of cooperation and the development of Ukrainian oil production. The state has already started to carry out inspections on existing users of Ukrainian land.  Inspections allow the commissioning of ready-to-operate facilities. Thus, users of the Ukrainian subsoil can not only earn income and extract minerals. 12 third-party companies have applied to expand the boundaries of the wells.

In addition, by the end of 2024, Ukraine plans to create 30 more wells. for this, the company attracts its forces and 3rd-party drilling companies.

It should be noted that the implementation of this plan may not be final. In Ukraine, most of the territories are a potential source of oil. There are mineral deposits in the eastern, southern and western parts of the country. Before the war, the already developed reserves of oil and gas reserves were almost 90 million tons. The development of this industry is promising and popular not only for the country but also for foreign allies.

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