Despite Russia’s continued attacks on Ukraine’s energy system during the ongoing invasion, Naftogaz, the country’s oil and gas giant, recently achieved its first heating season without importing any gas. This milestone is seen as a significant moment in Ukraine’s energy history. Naftogaz launched a record number of wells in 2023, with the goal of attaining energy independence by utilizing the country’s vast reserves. The CEO of Naftogaz, Oleksiy Chernyshov, emphasized the importance of Ukraine becoming a net contributor to the global gas market in the future.
Ukraine has the largest gas storage system in Europe, with 31 billion cubic meters of storage capacity. During the last heating season, Ukraine accumulated close to 19 billion cubic meters of gas for domestic use. The country aims to accumulate at least 15 to 16 billion cubic meters before the next heating season. Being energy independent is crucial for Ukraine as it reduces dependence on Russia, which has previously used energy as a weapon. Chernyshov highlighted the importance of energy efficiency and modernizing energy infrastructure to lower consumption and increase self-sufficiency.
Naftogaz launched a record number of wells in 2023, marking a significant increase in gas production after years of decline. The company plans to continue investing in production and supporting private producers in Ukraine to maintain and increase gas production levels. Despite facing Russian attacks targeting its gas facilities, Naftogaz remains committed to fulfilling its obligations to supply gas to Ukrainian households. The company’s gas transportation and storage systems are reliable, and it is working with international traders to ensure stability in gas storage and supply for the European continent.
Chernyshov emphasized the importance of Ukrainian storage in contributing to Europe’s energy security by providing uninterrupted and stable gas supply. Naftogaz is offering over 10 on-site visits by gas traders from across the continent. The company is confident in the volume and price stability of its storage system and has already started receiving injections from European traders. Despite the challenges posed by the war, Naftogazarth is determined to continue increasing gas production through the launch of new wells and technologies and by collaborating with international partners in the future.
The company’s goal is to increase oil production as well and become fully energy-independent. While attracting international partners has been challenging during the war, Naftogaz hopes that they will be more willing to collaborate in the future. By remaining focused on increasing production, embracing new technologies, and prioritizing energy efficiency, Naftogaz aims to position Ukraine as a key player in the global gas market and contribute to Europe’s energy security. The company’s resilience in the face of Russian attacks underscores its commitment to ensuring energy stability and independence for Ukraine and the broader European continent.
