"Ukrnafta" start searching for external investors
PJSC "Ukrnafta" searching potential investors to consider participation in five investment projects in the field of extraction, drilling and gas processing.
The announcement and presentation for investors are available on the company's website.
"Ukrnafta" expects to collect applications from investors until September 30. The new development strategy for the company for 2017-2025 assumes a significant increase in investments to 1,7 billion dollars.
This amount includes both internal resources and external investment. The largest oil producing company in Ukraine, which accounts for more than 90% of oil reserves and 70% of oil production, plans to double its annual oil production to 20 million barrels or 3 million tons by 2025 and to increase gas production by 50% to 1,9 billion m3.
In June of this year, "Ukrnafta" presented a new development strategy for the Ukrainian energy day in London. The first three projects offered to potential investors include an increase in oil and gas production at the Borislav, Bytkiv-Babchinsk and Rudovsko-Chervonozavodskoye fields and include drilling of new vertical wells and sidetracks, fracturing and intensification of production, and infrastructure upgrading.
Jonathan Popper, Executive Vice President, Corporate Strategy and Development: "Ukrnafta's oil and gas fields have enormous potential. After many years of underinvestment, the new leadership seeks to unblock this potential as soon as possible, using both its own resources, and the capital and experience of foreign and local partners. "