The use of cutting-edge technologies and attraction of international investments are the keys to increasing gas outputs at existing fields, as well as the foundation for the development of offshore areas and unconventional hydrocarbon deposits in Ukraine, said Yuriy Vitrenko, CEO of Naftogaz of Ukraine NJSC, during his recent appearance on the Velyka Piatnytsia show on Ukraina-24 TV channel.
“Today’s gas production business is less about gas resources and more about technologies. This means that here in Ukraine, we need to have expertise and technologies as well as executives able to manage these tools. We need access to capital as all this requires billions of dollars in investments. Then we will be able to produce more,” he said.
Vitrenko highlighted that Naftogaz currently has one small but successful case of attracting foreign technologies and capital to the extraction business in Ukraine.
“There is one good case we are going to promote now. I can even name the company, Expert Petroleum, that we are in a successful partnership with and that has a team of real professionals. They have demonstrated faith in Ukraine and belief in the possibilities of partnership with Naftogaz. They have come here and are now demonstrating a marked increase in output. I am committed to make every effort so that we will soon see more partnerships like this and further foreign investments allowing us to upscale production”, the Naftogaz CEO noted.
Vitrenko also underlined that, alongside plans for intensified production at existing gas fields, the Naftogaz agenda is now also focused on the development of large off-shore areas and unconventional hydrocarbon deposits.
“We are trying to renew the focus on shale gas and unconventional gas. For example, in our current situation, this might be tight gas. In addition, we are now also making attempts to start exploration on the Ukrainian shelf in the Black Sea. In this way, we aim to increase output,” summarized Vitrenko.
Integrated Communications Department
Naftogaz of Ukraine NJSC