In accordance with the current data, Ukrgasvydobuvannya’s production volume in January-May 2019 reached 6.441 billion cubic meters of natural gas, which is 145 million cubic meters more compared to the same period of 2018.
During May, the Company produced 1.3 billion cubic meters of natural gas using the depleted resource portfolio. According to the estimates by DeGolyer, as of 01.01.2019, the total proved and expected gas reserves of Ukrgasvydobuvannya make up 264.2 billion cubic meters, but most of the natural gas fields of Ukrgasvydobuvannya have low formation pressures and high level of depletion.
For effective work using the specified resource portfolio, UGV involves its own divisions and cooperates with leading international companies in such areas as sidetracking, hydraulic fracturing (HF) operations, coiled tubing operations, capital repairs of wells, installation of plunger lifts etc.
It should be noted that in order to increase production at existing deposits, particularly in Western Ukraine, UGV has proposed to Ukrainian and international operating companies to sign Production Enhancement Contract (PEC).
In order to expand the resource portfolio, the Company actively participated in two rounds of the electronic auctions of the State Service of Geology and Subsoil and purchased 6 new sites.
It should also be noted that Ukrgasvydobuvannya joined the tender announced by the Ministry of Energy for the conclusion of production sharing agreements (PSA) and applied for the development of 9 fields, 4 of which UGV plans to develop in cooperation with the leading international public company Vermilion Energy.