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Ukraine aims to boost oil production by 50% amid ongoing war

Ukraine’s largest oil company plans to increase production by 50% by 2028, defying the challenges posed by ongoing Russian aggression.
Ukraine’s state-owned oil company Ukrnafta. Illustrative photo. Credit: Ukrinform
Ukraine aims to boost oil production by 50% amid ongoing war

Ukraine is ramping up its domestic oil production despite ongoing war, reports RBC-Ukraine.

According to the state-owned oil company Ukrnafta, production reached 2.1 million tons in 2023, and there are plans for significant expansion in the coming years.

“Ukrnafta’s strategic goal is to increase oil production by one and a half times by 2028,” the company stated. This would mean growing from the current 1.41 million tons to 2.07 million tons annually.

To achieve this ambitious target, Ukrnafta is pursuing an aggressive drilling program. The company drilled eight new wells in 2023 and plans to add 20 more in 2024. Over the next five years, Ukrnafta aims to drill approximately 200 new wells.

“Recently, Ukrnafta increased the daily output of a well by 25 times after hydraulic fracturing,” said Serhiy Koretskyy, director of Ukrnafta. “Now it is the company’s most productive well – 103 tons per day in oil equivalent.”

The company is also modernizing its equipment, replacing outdated Soviet and Russian pumps with Western-made models. By the end of the year, Ukrnafta plans to outfit over 150 wells with new pumps from manufacturers like Oil Dynamics, Baker Hughes, and Alkhorayef Petroleum.

In addition to new drilling, Ukrnafta focuses on revitalizing existing fields and wells. The company has identified over 4,200 previously drilled but liquidated wells that have potential for renewed production using modern technologies. A pilot project involving 30 such wells is underway.

Ukrnafta is also seeking to attract foreign investment and expertise. According to the report, 25 companies from Europe and North America have expressed interest in collaborating on brownfield development projects. Ukrnafta has already received bids for 15 oil fields from six companies based in Ukraine, the Czech Republic, the USA, and the UK, with expected investments totaling $499 million.

RBC-Ukraine reports that drilling of a new exploratory well has begun in the Western oblasts, with an expected initial production of 16 tons per day. Simultaneously, two wells are being prepared in the Eastern oblasts, which together are projected to yield over 100 tons daily.

These developments come as Ukraine seeks to boost its energy independence in the face of ongoing Russian aggression. While the country’s oil reserves are modest by global standards – estimated at 107 million tons of oil and condensate as of 2023 – increasing domestic production could help reduce reliance on imports and strengthen Ukraine’s economic resilience.

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