Naftogaz to invest US$20-25 bln in gas production

Chief Operating Officer (COO) of Naftogaz Group, Naftogaz Group Chief Transformation Officer Otto Waterlander says National Joint-Stock Company Naftogaz of Ukraine plans to invest US$20-25 billion over the next decade in the country's natural gas production.

Read alsoNaftogaz to cooperate with Southeast Europe's largest energy companyHe announced this at the presentation of the company's corporate strategy.

"Within the next five years, our business plan envisages that we'll invest more than US$7 billion in production. We also expect that we'll double this amount in the next five years," he said.

Waterlander added that the strategy also stipulates attracting co-investors in domestic gas production, as today the company has not enough funds to implement the project.

Also, every year during the forthcoming decade, Naftogaz will boost investment in new fields and reduce injections of funds in those already explored.

Background

Naftogaz in 2020 cut gas production by 1% against 2019, to 13.45 billion cubic meters.

Memo

• NJSC Naftogaz of Ukraine is the country's largest state-run vertically integrated oil and gas holding whose subsidiaries account for about 80% of oil and gas production in Ukraine.
• Naftogaz develops oil and gas fields, and produces crude oil and natural gas.
• Its core business is also transportation and trade in fuel through its own network of filling stations.