Ukrnafta grows oil and gas reserves by expanding boundaries of three more licenses

MOSCOW. April 23 (Interfax) - PJSC Ukrnafta has increased its reserves and resources by more than 3 million tonnes of oil and 600 million cubic meters of gas by expanding the boundaries of three existing special permits in the west of Ukraine, Ukrainian media reported, quoting company head Sergei Koretsky.

"The reason for expanding the boundaries of the special permits is to align them with the contours of the pay zones of the fields. The corresponding orders from the Ukrainian State Geology and Subsoil Service have already been received," he said on social media.

The fist license expanded more than 50% to 0.93 square km, its reserves increasing by 221,000 tonnes oil and 19 million cubic meters gas.

The second increased by a third to 8.7 square km and its reserves by 836,000 tonnes oil and 402 mcm gas.

The third license grew 36% to 7.12 square km with reserves growing more than 1.9 million tonnes and 205 mcm.

Koretsky said Ukrnafta had only expanded the boundaries of special permits twice prior to 2023, and that as early as last year it grew total reserves by 330,000 tonnes of oil and 618 mcm of gas by expanding the boundaries of two licenses.

Ukrnafta increased production of oil with condensate by 39,900 tonnes or 3% to 1,409,900 tonnes in 2023. Production of natural and associated petroleum gas increased by 60.4 mcm or 5.8% to 1.097 billion cubic meters.

Ukrnafta has the strategic goal of doubling oil and natural gas production by 2027, to 3 million tonnes and 2 billion cubic meters, respectively.

Ukrnafta is Ukraine's biggest oil producer and operates the national network of filling stations.