Ukrnafta increases gas production by 6.5%, oil production by 0.6% in 2024

In 2024, PJSC Ukrnafta produced 1.17 billion cubic meters of gas, marking a 6.5% increase compared to 2023 (1.097 billion cubic meters), and 1.418 million tonnes of oil, up 0.6% from the previous year (1.410 million tonnes).

According to the company's press release on Thursday, total hydrocarbon production in 2024 increased by 70,500 tonnes of oil equivalent or 3%, reaching 2.42 million tonnes compared to 2.35 million tonnes in 2023.

"Despite prolonged power outages that limited mechanized oil extraction, the company not only managed to offset natural declines but also achieved growth in oil and gas output," said Ukrnafta's CEO, Serhiy Koretsky. He noted that the company has been improving its production figures for two consecutive years.

Looking ahead to 2025, Ukrnafta plans to drill new wells, modernize its equipment by replacing Soviet-era machinery with advanced technology from global leaders, and intensify production efforts.

Ukrnafta is Ukraine's largest oil extraction company and operates a national network of filling stations. In March 2024, the company took over the management of Glusco assets, and now operates 547 filling stations – 462 of its own and 85 under management.

The company is implementing a comprehensive program to renew operations and modernize the format of its filling stations. Since February 2023, Ukrnafta has been offering its own fuel vouchers and NAFTA Cards, which are sold to both legal entities and individuals through Ukrnafta-Postach LLC.

Ukrnafta holds 92 licenses for industrial development of fields. It has 1,832 oil and 154 gas production wells on its balance.

The largest shareholder in Ukrnafta is Naftogaz Ukrainy, which holds a 50% plus one share.

In November 2022, the General Staff of the Armed Forces of Ukraine decided to transfer the corporate rights of the company, previously owned by private shareholders, to the state. The Ministry of Defense now oversees these shares.