Ukrgasvydobuvannya, MND to cooperate on hydrocarbon exploration in western Ukraine

MOSCOW. Oct 12 (Interfax) - Ukrgasvydobuvannya and the Czech Republic's MND Group have signed a memorandum of understanding and plan to work together to tap the potential of under explored areas in western Ukraine, the Ukrainian company said.

MND has many years of experience in the production of hydrocarbons in the Czech Republic, and since 2014 has been engaged in exploration and production at five oil and gas fields in Ukraine, the company said.

Under the memorandum signed at MND's Prague office on October 7, the "companies plan to combine their knowledge of the Western Region to unleash the potential of under-explored areas," the company said.

Ukraine is continuing to attract international partners to increase its gas reserves, the director of Naftogaz Exploration and Production, Oleg Tolmachev said in the press release. "The Carpathian region has been the focus of our activities earlier. Now it is one of the safest regions where we can launch new projects," he said.

MND is part of the KKCG Group, which was founded by the Czech entrepreneur Karel Komárek. The company operates in various areas in the energy sector, from oil and gas extraction to energy production from renewable resources. MND also supplies Czech households with gas and electricity. In addition to the Czech Republic, MND Group also operates in Ukraine, Germany, and Italy.

Ukrgasvydobuvannya, which is part of the Naftogaz Group, produces more than 70% of Ukraine's natural gas.