12:28 03.10.2024

Ukrnafta gains additional 5,300 tonnes of oil after well overhauls

2 min read
Ukrnafta gains additional 5,300 tonnes of oil after well overhauls

In the first half of 2024, PJSC Ukrnafta carried out a series of major well repairs, resulting in the company extracting an additional 5,300 tonnes of oil, according to a press release from the company.

The Thursday company report highlights that six well repair operations were performed by external partners, who won tenders on the state procurement platform ProZorro.

According to Serhiy Koretsky, Director of Ukrnafta, as of August 2024, the company also managed to produce an additional 8.061 million cubic meters of gas, along with 5,300 tonnes of oil.

In total, Ukrnafta expects to extract an additional 23,000 tonnes of oil and 30 million cubic meters of natural gas by the end of 2024.

Ukrnafta is Ukraine's largest oil extraction company and operates a national network of filling stations. In March 2024, the company took over the management of Glusco assets, and now operates 545 filling stations – 460 of its own and 85 under management.

The company is implementing a comprehensive program to renew operations and modernize the format of its filling stations. Since February 2023, Ukrnafta has been offering its own fuel vouchers and NAFTA Cards, which are sold to both legal entities and individuals through Ukrnafta-Postach LLC.

The largest shareholder in Ukrnafta is Naftogaz Ukrainy, which holds a 50% plus one share. In November 2022, the General Staff of the Armed Forces of Ukraine decided to transfer the corporate rights of the company, previously owned by private shareholders, to the state. The Ministry of Defense now oversees these shares.

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