Ukrnafta to develop new wells, involve third-party contractors
Photo: Ukrnafta

Ukrnafta, a Ukrainian oil company, plans to start the development of nine new wells by the end of 2023, partially with the involvement of third-party contractors, the company’s CEO Serhiy Koretsky said.

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According to Mr Koretsky, four of the nine new wells will be developed by Ukrnafta itself, and the other five "will be drilled with the involvement of third-party drilling companies."

The company plans to drill 30 new wells next year, he added.

Ukrnafta has also renewed one special permit for subsoil use, extended another one, amended four, and is preparing documents for 12 to expand the boundaries, per Ukrnafta’s CEO.

In addition, the company is working on acquiring new special permits and plans to commission wells under the special permits of other subsoil users.

At the end of May, Ukrnafta identified 20 fields to develop which it plans to attract investors. The company also plans to develop the oilfield services market in Ukraine.

In the first four months of 2023, Ukrnafta's net profit reached UAH 7 billion (USD 189.9 million), more than the company's entire annual profit for 2020 or 2021.

According to the financial plan for 2023, Ukrnafta plans to increase its revenue by 80 percent.