Ukrgazvydobuvannya discovers field containing possible 1 bcm of gas

MOSCOW. Aug 29 (Interfax) - Ukrgazvydobuvannya (UGV) has discovered a new gas field.

"The geological information obtained indicates the new field's reserves could reach 1 billion cubic meters of gas," Ukrainian media reported, citing a Naftogaz of Ukraine press release. Naftogaz owns 100% of UGV.

UGV drilled a well almost 4,000 meters deep and finished testing it in August this year. It had previously conducted a 3D seismic survey.

"This is not the first discovery of new hydrocarbon deposits this year. By increasing reserves, we are creating prospects for sustainable growth in gas production," said Oleg Tolmachev, UGV acting general director.

He said UGV would continue the geological exploration program at this field and plans to drill new wells.

UGV aims to boost its own gas production by 1 billion cubic meters to 13.5 bcm in 2023. Production fell 3% to 12.5 bcm in 2022.