Naftogaz plans to invest billions in production

News

Naftogaz plans to invest billions in production

23.02.2021 News

In the next five years, Naftogaz plans to invest $ 7.3 billion in hydrocarbon production, said Otto Waterlander, the group’s chief executive officer, at a presentation of NJSC’s business strategy.

“Over the next five years, our business plan assumes that we will invest $ 7.3 billion in mining, upstream, and double that amount over the next five years,” he said.

In particular, in 2021 they intend to invest $ 0.9 billion, in 2022 – $ 1.5 billion, in 2023 – $ 1.3 billion, in 2024 – $ 1.6 billion, in 2025 – $ 1.9 billion, in 2026 – $ 2.3 billion, in 2027 – $ 3.1 billion, in 2028 – $ 3.1 billion, in 2029 – $ 2.9 billion, in 2030 – $ 2.7 billion. It is expected that from 2023 the share of investment in new deposits will exceed investment in already explored.

Waterlander noted that Naftogaz does not have enough funds to invest in production, so they will involve foreign investors in the process.

According to Naftogaz, the company has 254 billion cubic meters of explored gas reserves and 157 billion cubic meters conditional and promising, and in 2025 plans to increase them to 250 billion cubic meters explored and 500 billion cubic meters conditional and promising.

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