HomeNewsUkraine's Naftogaz finds 'promising' gas deposit in Carpathians

Ukraine's Naftogaz finds 'promising' gas deposit in Carpathians

11/17/2023

(Reuters) - Ukraine's state-owned Naftogaz said on Friday its gas subsidiary had discovered a 'promising' new natural gas deposit in the west of the country.

CEO Oleksiy Chernyshov said the find was another step in the oil and gas company's strategy to increase domestic production as Russia's war on Ukraine resets Kyiv's energy strategy.

"In recent days, a well was put into operation on what was believed to be an exhausted deposit in the Carpathians," Chernyshov said in a post on Facebook.

"There were no happy coincidences. The well is the result of coordinated work, the use of 3D seismic reconnaissance, and modern drilling technologies."

Naftogas said in a statement the new well was drilled to a depth of 1,600 meters.

Since taking over as Naftogaz CEO a year ago, Chernyshov has repeatedly said he wants to boost domestic gas production, with the company aiming to produce as much as 14 billion cubic meters in 2024 from 13.5 bcm this year.

Ukraine's total gas production, which includes gas produced by private companies, is forecast at about 19.1 bcm this year compared with 18.5 bcm in 2022.

Oleh Tolmachev, acting general director of gas producer Ukrgasvydobuvannia, said the west of Ukraine had great potential for new hydrocarbon deposits.

"We are now intensifying our activities in this region, in particular about introducing new technologies and attracting investments," he said in a statement.

Ukraine has not imported natural gas directly from Russia since 2015, instead buying gas from the European Union and stepping up efforts to increase domestic production.

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