Naftogaz Group Marks Increased Gas Production to 13.9 bcm in 2024
Mykola Siutkin
You do business, we mitigate risks | Business Investment Risk Advisor | Co-founder of S&P Agency | Attorney | Co-publisher LDaily | Ironman
In a significant development in the energy sector, Naftogaz Group, through its subsidiary JSC Ukrgasvydobuvannya, announced an increase in its commercial gas production to 13.9 billion cubic meters (bcm) in 2024. This marks a noticeable enhancement from the 13.2 bcm recorded in 2023, underscoring the group's commitment to boosting its gas production capabilities.
The year 2024 saw the commissioning of 83 new wells by the company, aimed at both exploring new gas reserves and increasing production. Out of these, 60 are production wells, with the remaining 23 dedicated to exploration purposes. This strategic expansion of drilling operations plays a critical role in sustaining and enhancing gas output levels.
Naftogaz Group's efforts to increase gas production were further supported by the adoption of advanced drilling techniques, notably directional drilling. This technique was paramount in accessing gas reserves located in challenging terrains, thereby contributing significantly to the production increase. In 2024, the company successfully drilled 60 directional wells, an improvement on the 51 wells drilled in the previous year.
Complementing these efforts was the company's intensified drilling activity, which saw over 370,000 meters drilled over the year. This represents a 14% increase over 2023 and is highlighted as a record achievement in recent years for Naftogaz Group.
Roman Chumak, Acting Chairman of the Board at Naftogaz Ukraine, praised the collective efforts and dedication of the team, attributing the success to their resilience and adaptability in the face of challenges. The positive developments in gas production are a testament to the team's unwavering commitment to enhancing energy security and operational efficiency.
In addition to bolstering Ukraine's energy resources, the increased production activities of Naftogaz Group have also made a substantial fiscal contribution. In 2024, the group's companies collectively contributed UAH 104.3 billion in taxes to the state budget, marking a significant contribution to the national economy.
As Naftogaz Group continues to navigate the complexities of the energy sector, these advancements in gas production and exploration are poised to play a pivotal role in ensuring the sustainable development of Ukraine's energy landscape.
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