Amid COVID-19 pandemic and economic downturn, JSC Ukrgasvydobuvannya's (Naftogaz Group) net profit amounted to UAH 4.95 billion in 2020, with the operating profit amounting to UAH 7.3 billion. The company continues to invest in stabilizing gas production at "old" fields and new projects to increase the resource base.

Ukrgasvydobuvannya JSC, an entity of the Naftogaz Group, in January-March 2021 transfered UAH 315.2 million of rent payments to local budgets where the company produces hydrocarbons.

Naftogaz introduces a new recovery enhancement technology of capillary systems at depleted fields. Initially, Company's specialists applied it to the first 10 wells, later the technology was implemented to 43 wells, and by the end of 2021 they plan to include another 45 wells. The effect of application is 20% average gas production increase at each well.

For January and February 2021, Ukrgasvydobuvannya JSC, a legal entity of the Naftogaz Group, sent UAH 214.9 million of rent payments to local budgets of the regions where the Company produces hydrocarbons.

Naftogaz seeks cooperation with another international partner, Naphtha Israel Petroleum Corp. (TASE:NFTA). The Parties have signed a Memorandum of Understanding regarding a potential hydrocarbons exploration in Ukrainian Black Sea. Naphtha has financial capabilities and proven positive work experience in the US and in Offshore Israel (Eastern Mediterranean), which will be useful for unlocking the oil and gas potential of Ukrainian offshore.

Today, on March 1, Naftogaz Group has selected communities that will continue their competition for a grant for social and infrastructure projects within the framework of the Development Energy Grant Competition. Overal within a month, 305 applications were submitted from communities from 11 regions of Ukraine, where Naftogaz Group operates. 50 communities winning UAH 100 thousand each for the implementation of their projects will be announced in May.

In January 2021, Ukrgasvydobuvannya JSC, a member of the Naftogaz group, sent UAH 115.9 million of rent payments to local budgets of the regions where the company produces hydrocarbons.

Oleg Tolmachev, who has more than 20 years of experience in producing hydrocarbon in North America, was appointed Deputy Director for Production (of the Naftogaz Exploration and Production Division).