Ukrnafta purchases license from Chernihivnaftohazgheolohiia

MOSCOW. March 22 (Interfax) - The Ukrnafta company has purchased a special permit from Chernihivnaftohazgheolohiia, a subsidiary of the Nadra Ukraine state-run national joint stock company, Ukrainian media outlets said with a reference to Ukrnafta CEO Sergei Koretsky's post on social networks.

According to Koretsky, thanks to the new license, Ukrnafta will increase its total reserves by 1.01 billion cubic meters of gas and 100,000 tonnes of oil at an area of 56.5 square kilometers in the northeast of Ukraine.

It is the first special permit Ukrnafta obtained in the past 14 years, he said.

As reported, Ukrnafta increased its output of oil with condensate by 3%, or by 39,900 tonnes, in 2023 year-on-year up to 1,409,900 tonnes, gas by 5.8%, or by 60.4 mcm, year-on-year up to 1,097.4 bcm.

Ukrnafta's strategic goal is to double oil and natural gas production to 3 million tonnes and 2 billion cubic meters, respectively, by 2027.

Ukrnafta is Ukraine's largest oil producer and operator of the national chain of 537 filling stations, 456 of which are currently operating. The company is implementing a comprehensive program of resuming its operations and updating the format of filling stations of its chain. Since February 2023, Ukrnafta has been issuing its fuel coupons and NAFTACard cards sold to legal entities and individuals by Ukrnafta-Postach LLC.

Naftogaz of Ukraine is Ukrnafta's largest shareholder with a stake of 50% plus one share. The Headquarters of the Supreme Commander-in-Chief ruled on November 5, 2022 to expropriate Ukrnafta shares owned by private shareholders - that stake is now controlled by the Defense Ministry.