Naftogaz Posts Higher Annual Gas Production
01.21.2025 By Tank Terminals - NEWS

January 21, 2025 [Rigzone]- Ukraine’s state-owned Naftogaz Group produced 13.9 billion cubic meters (490.87 billion cubic feet) of natural gas last year, up from 13.2 Bcm (466.15 Bcf) in 2023.

 

“Naftogaz Group not only maintains stability but also continues to demonstrate growth in gas production”, Naftogaz acting chair Roman Chumak said in an online statement. “Each day, our team demonstrates resilience and adaptability, driving progress even under the toughest conditions”.

Naftogaz, through subsidiary JSC Ukrgasvydobuvannya, commissioned 83 wells — 60 for production and 23 for exploration — last year, Naftogas said.

“In 2024, the company expanded directional drilling, which facilitated gas production in hard-to-reach areas”, Naftigaz said. The number of directional wells drilled rose to 60 in 2024 from 51 in 2023.

“Moreover, the company drilled over 370,000 meters [1.21 million feet] during the year, a 14 percent increase from 2023 and the highest figure in recent years”, it added.

Earlier Naftogaz assured Ukraine it is committed to delivering supply despite Russian attacks on the country’s energy infrastructure.

“For the third consecutive year, the heating season unfolds amid Russia’s full-scale invasion and widespread attacks on energy infrastructure”, it said in a statement January 14, 2025.

“Despite these challenges, Naftogaz Group enterprises remain fully operational. The Group ensures uninterrupted gas production, storage, and supply to all consumer categories.

“A team of Naftogaz Group specialists works consistently to maintain critical and social infrastructure, repair networks and equipment to restore gas supply after attacks, deliver gas to frontline communities, and boost gas production”.

Naftogaz said it receives critical plant equipment from international partners, including the United Nations Development Program and the United States Agency for International Development.

The statement added, “Naftogaz Group continues to play a vital role in Ukraine’s economy, remaining one of the country’s largest taxpayers”.

In a separate report, Naftogaz said it had paid UAH 88.6 billion ($2.2 billion) in taxes in 2024. That consisted of UAH 81.8 billion ($1.95 billion) for the national budget and UAH 6.8 billion ($161.8 million) for local budgets.

Additionally, it remitted UAH 15.7 billion ($373.57 million) in dividends to the state, Naftogaz said January 10, 2025.

Its latest earnings report showed the company generated UAH 24.4 billion ($580.58 million) in net consolidated profit for the first half of 2024, up nearly four times compared to the same period the prior year.

Naftogaz’s consolidated operating profit for January–June 2024 landed at UAH 28.9 billion ($687.66 million), more than double the UAH 14 billion ($333.12 million) recorded for the same period 2023.

“Naftogaz Group’s significant improvements in financial results were driven primarily by increased revenues from the sale of gas, oil, petroleum products, and natural gas distribution services”, it said September 26, 2024.

Naftogaz ended the period with UAH 227.86 billion ($5.42 billion) in current assets including UAH 86.17 billion ($2.05 billion) in cash and bank balances. Its current liabilities stood at UAH 144.83 billion ($3.45 billion) including UAH 50.15 billion ($1.19 billion) in borrowings.

 

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