Ukraine Increases Gas Production by 10% in 2024

by Roman Cheplyk
Tuesday, May 28, 2024
Ukraine Increases Gas Production by 10% in 2024

Since the beginning of 2024, JSC “Ukrgazvydobuvannya” has reported a 10% increase in gas production compared to the same period in 2023

This was announced by Svitlana Ivanchuk, head of the commercial activity management department of NJSC "Naftogaz of Ukraine," during the presentation of the study "Summer Outlooks: Assessment of Readiness for Risks in the Electric Power and Gas Sector."

Key Highlights:

  • Production Increase:

    • 2023: Gas production increased by 5%.
    • 2024: An increase of 10% in the first five months.
  • Production Targets: Naftogaz aims to develop production by a total of 4% in 2024.

  • Gas Storage Levels: Naftogaz expects a total volume of 8.6 billion cubic meters in gas storage by June 1, aligning with the minimum levels observed during the same period from 2014 to 2019.

  • Consumption Decline: Overall gas consumption in Ukraine has decreased by approximately 30%.

  • Gas Insurance Reserve: Naftogaz has formed a gas insurance reserve of 0.75 billion cubic meters, financed by the European Bank for Reconstruction and Development (EBRD).

Future Projections:

  • The Naftogaz Group expects state gas production companies to produce approximately 15 billion cubic meters of gas this year.

This increase in gas production and strategic planning for reserves and consumption management reflects Ukraine's efforts to enhance its energy security and stability amidst ongoing challenges.

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