DTEK Oil&Gas consolidated 75% of shares of Naftogazvydobuvannya

DTEK Oil&Gas consolidated 75% of shares of Naftogazvydobuvannya

Oil and gas24 March 2017

DTEK Oil&Gas acquired another 15% of the shares in Naftogazvydobuvannya. The Group’s stake in Ukraine’s largest private gas extraction undertaking increased up to 75%.

DTEK Oil&Gas consolidated 75% of shares of Naftogazvydobuvannya

“DTEK Oil&Gas has invested more than UAH 4 billion in the development of Naftogazvydobuvannya. We upgraded a number of key production facilities and built new ones. Naftogazvydobuvannya progressed from an average company to a market leader by the dynamics of development, technologies, and skills of its personnel. As a result, natural gas extraction increased 3.2 times, which makes a significant contribution to the national energy security. We intend to continue supporting the development of Naftogazvydobuvannya by investing in extra deep oil and gas horizons as the future of Ukrainian gas extraction. By increasing DTEK Oil&Gas’s share in the company’s capital, we demonstrated our confidence in the prospects that the company and Ukrainian oil and gas sector have,” commented Igor Shchurov, CEO of DTEK Oil&Gas.

In 2016, Naftogazvydobuvannya produced more than 1.6 billion cubic meters of natural gas, which is 25% higher than the previous year’s results. The company is engaged in the extraction of natural gas and gas condensate at the Semyrenkivske and Machukhske Fields in the Poltava Oblast.