Ukrgasvydobuvannya has increased its net profit by more than UAH 250 mln

Oct 31, 2019 | Category: Official
Ukrgasvydobuvannya has increased its net profit by more than UAH 250 mln

For nine months period of 2019, JSC Ukrgasvydobuvannya has increased its net financial result by UAH 258 mln., as compared to the previous analogous period and has got UAH 21.412 mln. of net profit.

According to the updated strategy, Ukrgasvydobuvannya is focused on capital growth for future investments in production. It has succeeded in increasing the net profit by more than UAH 250 mln. The projects aimed at restraining the natural decline in production that makes about 1.5 bln. cub.m per annum is in progress.

Thus, for the nine months of 2019:

  • - 49 gas and six oil wells were put into operation;
  • - 100 HF operations were performed, with the incremental gas production of 345 mln.


  • - Five hundred nine coiled tubing operations were performed, with the progressive gas production of 179 mln. cub.m;
  • - the results of specialized data processing and interpretation of Sviatohirsk block were obtained after the conducted 3D field surveys according to the extensive azimuth method of research;
  • - One thousand six hundred thirty-eight geophysical operations were performed in the wells of Ukrgasvydobuvannya.

Based on the results of the mentioned production projects for nine months, Ukrgasvydobuvannya transferred 10.183 bln. cub.m of gas for the needs of the population.

As Andrew Favorov, the Director for Integrated Gas Business, Naftogaz Ukraine, mentioned, "On the one side, we are working to accumulate funds for investment project financing that make it possible to maintain the baseline production volume.  On the other hand, we are working to improve the production processes and have already reduced the production and process expenditures. We continue actively working over the partnership incremental production projects. Together with the Canadian Company Vermilion, we have submitted a draft production sharing agreement for the received blocks for review by the Interagency Commission of the Cabinet of Ministers of Ukraine. The companies qualified under the PEC (Production Enhancement Contract) visit the facilities of Ukrgasvydobuvannya in West Ukraine.

Notwithstanding the decreased sales price of the natural gas, the Company observes its tax liabilities before the state and has paid UAH 35.5 bln. of mandatory payments and UAH 13.6 bln. of dividends for nine months of 2019.