Ukrnafta Initiates Drilling Operations in Western Ukraine

by Roman Cheplyk
Monday, February 12, 2024
Ukrnafta Initiates Drilling Operations in Western Ukraine

Ukrnafta PJSC, Ukraine’s leading oil production company, has announced the commencement of three exploratory drilling operations in the western part of the country

Preparatory work is underway, with drilling expected to start in March. These operations are being executed sequentially by LLC "Navigator," a contractor selected through a competitive bidding process on the Prozorro state procurement platform.

The wells, ranging in depth from 1,102 to 1,211 meters, aim to tap into the productive layers of the Stryian deposits. Serhiy Koretskyi, Ukrnafta's director, stated that the collective initial output from all three sites is anticipated to be about 80 tons of oil daily. This initiative is part of Ukrnafta's 2024 strategy to commence construction on 30 new wells, leveraging both in-house drilling capabilities and external contractors.

Ukrnafta's strategic objective is to double its production outputs to 3 million tons of oil and 2 billion cubic meters of natural gas by 2027. As the country's predominant oil producer and the operator of a vast network of 537 gas stations (456 operational), Ukrnafta plays a crucial role in Ukraine's energy sector. NJSC Naftogaz of Ukraine holds a majority stake in Ukrnafta (50% + 1 share), and in November 2022, a decision by the Supreme Commander-in-Chief of the Armed Forces resulted in the transfer of shares owned by private stakeholders to the state, currently under the management of the Ministry of Defense.

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