Ukrnafta reports increased oil and gas extraction volumes in 2023

Ukrnafta reports on oil and gas production in 2023
Ukrnafta reports on oil and gas production in 2023

Ukraine’s state-owned oil and gas company Ukrnafta extracted 1.41 million tons of oil and 1.09 billion cubic meters of natural gas in 2023, the company reported on Jan. 15.

The figures represent a 3% annual increase in oil extraction and a 6% rise in gas production—compared to 1.37 million tons of oil and 1.037 billion cubic meters of gas Ukrnafta produced in 2022.

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For 2024, Ukrnafta plans to drill new wells, invite partners to invest in its fields, and replace old Soviet-made and Russian equipment with modern machinery, the company added.

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Ukrnafta extended its search for partners to jointly develop oil and gas fields until March 1, 2024. As of late December 2023, 25 companies have expressed interest, including those from seven European countries and North America.

Earlier, Ukraine reported that for the first time in its history, the country is getting through the winter period relying solely on domestically extracted gas.

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