Ukraine’s Naftogaz to increase gas and oil production by 2024

Naftogaz plans to increase gas and oil production in 2024 despite threats of Russian bombing, announces CEO Oleksiy Chernyshov.

Share:

Naftogaz increases production diversifies supplies

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

Naftogaz, the Ukrainian energy giant, announces an increase in gas and oil production for 2024.
CEO Oleksiy Chernyshov explains that the goal is to reach 15 billion cubic meters of natural gas and 2 million tons of oil.
In 2023, gas production will amount to 14 billion cubic meters.

Threats and defenses

Naftogaz’s infrastructure, including gas storage, production facilities and distribution networks, is under constant threat from Russian bombing raids. As the war in Ukraine continues, attacks on energy systems are multiplying, causing prolonged power outages. Chernyshov points out that Ukraine’s air defenses are being strengthened, although they are not yet sufficient. Ongoing investments are aimed at protecting Naftogaz’s critical assets, particularly the underground storage infrastructures, which have withstood several attacks this year.

Financial resilience

Naftogaz will post a profit of over 23.123 billion hryvnias ($558 million) in 2023, after a loss of almost 80 billion hryvnias in 2022.
The company recently made the necessary payments on its restructured Eurobonds and is preparing to honor its debt obligations for next year.
A restructuring of the 2026 payments is also under consideration.

Strategic Alternatives

Naftogaz has no plans to extend its gas transit agreement with Gazprom after it expires in December.
Discussions are underway to explore alternative options, such as transporting gas from Azerbaijan.
Naftogaz’s strategy aims to diversify its energy supply sources, reduce its dependence on Russian gas and strengthen its resilience in the face of persistent threats.
The decisions taken in 2024 will be crucial for Ukraine’s energy future.

Ayatollah Ali Khamenei calls for modernising the oil industry and expanding export markets as Tehran faces the possible reactivation of 2015 nuclear deal sanctions.
The Ukrainian president demanded that Slovakia end its imports of Russian crude, offering an alternative supply solution amid ongoing war and growing diplomatic tensions over the Druzhba pipeline.
The United States cuts tariffs on Japanese imports to 15%, while Tokyo launches a massive investment plan targeting American energy, industry, and agriculture.
Brazil’s Cop 30 presidency aims to leverage the Dubai commitments to mobilise public and private actors despite ongoing deadlock in international negotiations.
During a meeting in Beijing, Vladimir Putin called on Slovakia to suspend its energy deliveries to Ukraine, citing Ukrainian strikes on Russian energy infrastructure as justification.
Vladimir Putin and Robert Fico met in China to address the war in Ukraine, regional security and energy relations between Russia and Slovakia.
Slovak Prime Minister Robert Fico plans to meet Vladimir Putin in Beijing before receiving Volodymyr Zelensky in Bratislava, marking a diplomatic shift in his relations with Moscow and Kyiv.
The three European powers activate the UN sanctions mechanism against Iran, increasing pressure on the country's oil exports as Tehran maintains high production despite Western measures.
Iran once again authorises the International Atomic Energy Agency to inspect its nuclear sites, following a suspension triggered by a dispute over responsibility for Israeli strikes.
First suspect linked to the Nord Stream pipeline explosions, a Ukrainian citizen challenged by Berlin opposes his judicial transfer from Italy.
Ukrainian drones targeted a nuclear power plant and a Russian oil terminal, increasing pressure on diplomatic talks as Moscow and Kyiv accuse each other of blocking any prospect of negotiation.
A Ukrainian national suspected of coordinating the Nord Stream pipeline sabotage has been apprehended in Italy, reigniting a judicial case with significant geopolitical implications across Europe.
Russia continues hydrocarbon deliveries to India and explores new outlets for liquefied natural gas, amid escalating trade tensions with the United States.
Azerbaijani energy infrastructure targeted in Ukraine raises concerns over the security of gas flows between Baku and Kyiv, just as a new supply agreement has been signed.
The suspension of 1,400 MW of electricity supplied by Iran to Iraq puts pressure on the Iraqi grid, while Tehran records a record 77 GW demand and must balance domestic consumption with regional obligations.
Beijing opposes the possible return of European trio sanctions against Iran, as the nuclear deal deadline approaches and diplomatic tensions rise around Tehran.
The United States plans to collaborate with Pakistan on critical minerals and hydrocarbons, exploring joint ventures and projects in strategic areas such as Balochistan.
Around 80 Russian technical standards for oil and gas have been internationally validated, notably by the United Arab Emirates, Algeria and Oman, according to the Institute of Oil and Gas Technological Initiatives.
Baghdad and Damascus intensify discussions to reactivate the 850 km pipeline closed since 2003, offering a Mediterranean alternative amid regional tensions and export blockages.
The two countries end 37 years of conflict with a 43-kilometer corridor under American control for 99 years. The infrastructure will transport 50 million tons of goods annually by 2030.

Log in to read this article

You'll also have access to a selection of our best content.