Ukrnafta starts drilling exploratory well in western Ukraine

MOSCOW. Nov 18 (Interfax) - Ukrnafta has started drilling an exploratory well in western Ukraine, and almost 300 meters have been drilled to date, Ukrainian media said, citing a company press release.

"This is an exploratory well with a total depth of 1,534 meters," Ukrnafta said.

BK Gorizonty, which won an open tender on the Prozorro public procurement platform, does the drilling.

"At a depth of 1.2 kilometers, the well will reach the base of the Styrian deposits with 1.26 million tonnes of oil reserve. Farther on, at a depth of 1.3 kilometers, are the Mnelite deposits with 162,000 tonnes. The company plans to produce the first batch in a month," Ukrnafta CEO Sergei Koretsky said.

As reported, Ukrnafta drilled and launched the deepest well in the last eight years with an actual depth of 4,520 meters in early November 2024. As of November 14, the oil flow rate was about 90 tonnes per day, alongside 30,000 cubic meters of gas.

Ukrnafta is the largest oil producing company in Ukraine, which also operates the national network of gas stations. The company took over the management of Glusco assets in March 2024. It currently operates 545 gas stations, including 460 of its own and 85 under management.

The largest shareholder of Ukrnafta is NAK Naftogaz of Ukraine with 50% plus one share. The Headquarters of the Ukrainian Armed Forces' Supreme Commander in Chief decided in November 2022 that the stakes of private shareholders should be transferred to the state. These stakes are currently managed by the Defense Ministry.