NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Naftogaz launches 'powerful' new well in eastern Ukraine

Published 24/05/2023, 08:42
© Reuters. FILE PHOTO: Employees work at a gas well of Ukraine's state energy company Naftogaz, as Russia's attack on Ukraine continues, in Lviv region, Ukraine October 1, 2022. REUTERS/Pavlo Palamarchuk
NG
-

KYIV (Reuters) - Ukrainian state-owned energy company Naftogaz has launched a "powerful" new gas well at a promising field in eastern Ukraine, the company said on Wednesday.

Ukraine, which has not imported natural gas directly from Russia since 2015, buys gas from the European Union and is focusing on domestic production.

Naftogaz has said Ukraine plans to increase its natural gas output by more than 5% in 2023 to 19 billion cubic metres (bcm) despite the Russian invasion.

The new well has a depth of 5,800 metres and can produce around 0.6 million cubic metres per day.

"This is one of the most powerful wells... it has opened up the prospects of a previously underexplored block in a field in the east of the country," Naftogaz said in a statement.

The prospective gas resources of the block are estimated at more than 6 bcm, it said.

© Reuters. FILE PHOTO: Employees work at a gas well of Ukraine's state energy company Naftogaz, as Russia's attack on Ukraine continues, in Lviv region, Ukraine October 1, 2022. REUTERS/Pavlo Palamarchuk

The company said two new wells were being prepared for drilling.

Naftogaz is Ukraine's largest gas producer, with output of 12.5 bcm of natural gas in 2022.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.