For the first time in its history, Ukraine is set to go through the upcoming winter season using domestically produced natural gas, Oleksiy Chernyshov, CEO of Ukraine’s state-owned oil and gas enterprise Naftogaz, told Ukrainian TV broadcasters on Sept. 25.
“We are increasing our own gas production, and those numbers are on the rise,” said Chernyshov.
“Naftogaz drilled a record number of new wells in 2023, and we plan to continue this trend into next year. We expect to get through this winter using Ukrainian-produced gas, and our calculations appear to confirm this possibility.”
He is confident that the state will make it through the heating season without any upheaval concerning gas supply and maintaining stable costs for consumers. Chernyshov added that there is plenty of natural gas stored Ukraine and that consumer tariffs are stable. He also encouraged consumers to take steps to increase the energy efficiency of their homes.
Naftogaz has recently officially emerged from default: the company has fulfilled the conditions of restructuring its Eurobond debts with maturities in 2022 and 2026, making the necessary payments. Now, Naftogaz can “consider new financing of the group’s capital investment plan,” according to Chernyshov.
Chernyshov recently confirmed that Naftogaz does not intend to renew the contract for the transit of Russian gas through Ukraine after it expires at the end of 2024.
However, if European companies require a continuation of transit, even though the EU is phasing out Russian natural gas by 2027, Naftogaz will explore appropriate solutions, Chernyshov said.