The company produced 1.170 billion cubic meters of gas, marking a 6.5% increase from 2023, and 1.418 million tons of oil, a 0.6% rise compared to the previous year. In total, oil and gas production in 2024 grew by 3% in oil equivalent, reaching 2.42 million tons.
Key Highlights of Ukrnafta’s 2024 Performance
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Increased Production:
- Gas: 1.170 billion cubic meters (up from 1.097 billion in 2023).
- Oil: 1.418 million tons (compared to 1.410 million tons in 2023).
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Resilience Despite Challenges:
CEO Serhiy Koretsky credited the company’s ability to overcome long power outages and aging infrastructure.- "Despite extended power outages limiting mechanized oil production, we compensated for natural declines and achieved growth in oil and gas volumes," Koretsky stated.
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Modernization Efforts:
Ukrnafta plans to further expand in 2025 by:- Drilling new wells.
- Upgrading production facilities with modern equipment from global leaders.
- Phasing out Soviet-era equipment.
Operational and Strategic Developments
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Expanding Asset Base:
In March 2024, Ukrnafta acquired Glusco assets, adding to its portfolio of gas stations. The company now operates 547 stations across Ukraine (462 owned, 85 managed). -
Enhanced Service Offerings:
- Launched fuel coupons and NAFTACard cards, offering flexible purchase options for both legal entities and individuals.
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Extensive Resource Control:
- Holds 92 special permits for industrial development.
- Operates 1,832 oil wells and 154 gas wells.
Ownership and Governance
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Major Shareholder:
The National Joint Stock Company Naftogaz of Ukraine owns 50% + 1 share of Ukrnafta. -
State Oversight:
Following a decision by Ukraine's Supreme Commander-in-Chief in November 2022, private corporate rights to Ukrnafta were transferred to state management under the Ministry of Defense.
Outlook for 2025
Ukrnafta is set to maintain its upward trajectory with a focus on modernization and expansion. The company aims to continue drilling, upgrade its infrastructure, and implement advanced production technologies. These efforts will contribute to strengthening Ukraine’s energy sector, especially critical amidst ongoing challenges.
For more insights on energy opportunities in Ukraine, explore business opportunities in Ukraine’s energy sector.
