Latest news with #Naftogaz
Reuters
02-06-2025
- Business
- Reuters
Ukraine's Naftogaz to buy new drilling rigs with EBRD loan
KYIV, June 2 (Reuters) - Ukraine's leading natural gas producer, state-run firm Naftogaz, will receive a 36.4 million euro loan from the European Bank for Reconstruction and Development to modernise its drilling equipment, the company said on Monday. Naftogaz produces the lion's share of Ukrainian gas, but its production facilities were severely damaged in a series of Russian missile strikes earlier this year, reducing production by as much as 40%. The loan will be used to purchase new mobile drilling rigs with lifting capacities of 125 and 180 metric tons, the company said in a statement. "Upgrading our fleet will enable us to operate on deeper and more technically challenging wells, while also making it possible to accelerate the restoration of production at existing sites, ensuring stable gas supply for Ukraine," Naftogaz CEO Serhiy Koretskyi said. Ukraine has been forced to ramp up gas withdrawals from storage and increase imports this winter and spring after Russian missile attacks damaged production facilities in the east of the country. The former head of the Ukrainian gas transit operator, Serhiy Makogon, said last month that the country needed to import up to 6.3 billion cubic metres of gas for the 2025/26 winter season as reserves have fallen to a record low. He said Ukraine would need up to $3 billion for gas purchases. Naftogaz has said it was in talks with the government and international financial institutions to raise 1 billion euros ($1.1 billion) to purchase over 2 bcm of gas for the 2025/26 heating season.
Yahoo
14-05-2025
- Business
- Yahoo
Ukraine gas reserves are at lowest level in 11 years, analyst ExPro says
KYIV (Reuters) -Gas volumes in Ukrainian storage facilities are at the lowest level in at least 11 years, standing at 6 billion cubic metres (bcm) as of May 11, analytical company ExPro said on Wednesday. Ukraine has been forced to ramp up gas withdrawals from storage and increase imports this winter and spring after Russian missile attacks damaged production facilities in the east of the country. ExPro noted that storage facilities, whose capacity exceed 30 bcm, were less than 20% full, compared to 31.7% at the same date in 2024, when they held 8.8 bcm of gas. It said that since the beginning of the current injection season in mid-April, 610 million cubic meters of gas had been pumped into storage facilities, including 258 million in April. "Injection volumes in May 2025 are higher than in May last year. Overall, more than 350 million cubic metres of natural gas have been injected into storage facilities since the beginning of the month, 33% more than in the same period last year," ExPro said. The company forecast that Ukraine could have about 6.6 bcm of gas in reserve by the end of May. The former head of the Ukrainian gas transit operator, Serhiy Makogon, said last month that the country needed to import up to 6.3 billion cubic metres of gas for the 2025/26 winter season as reserves have fallen to a record low due to war-related damage to some facilities. He said Ukraine would need up to $3 billion for gas purchases. Ukraine's state oil and gas firm Naftogaz has said it was in talks with the government and international financial institutions to raise 1 billion euros ($1.1 billion) to purchase over 2 bcm of gas for the 2025/26 heating season. Naftogaz has said it also contracted 300 mcm of American LNG with deliveries from Poland's Orlen.
Straits Times
14-05-2025
- Business
- Straits Times
Ukraine gas reserves are at lowest level in 11 years, analyst ExPro says
Employees work at a gas well of Ukraine's state energy company Naftogaz, as Russia's attack on Ukraine continues, in Lviv region, Ukraine October 1, 2022. REUTERS/Pavlo Palamarchuk/File Photo Ukraine gas reserves are at lowest level in 11 years, analyst ExPro says KYIV - Gas volumes in Ukrainian storage facilities are at the lowest level in at least 11 years, standing at 6 billion cubic metres (bcm) as of May 11, analytical company ExPro said on Wednesday. Ukraine has been forced to ramp up gas withdrawals from storage and increase imports this winter and spring after Russian missile attacks damaged production facilities in the east of the country. ExPro noted that storage facilities, whose capacity exceed 30 bcm, were less than 20% full, compared to 31.7% at the same date in 2024, when they held 8.8 bcm of gas. It said that since the beginning of the current injection season in mid-April, 610 million cubic meters of gas had been pumped into storage facilities, including 258 million in April. "Injection volumes in May 2025 are higher than in May last year. Overall, more than 350 million cubic metres of natural gas have been injected into storage facilities since the beginning of the month, 33% more than in the same period last year," ExPro said. The company forecast that Ukraine could have about 6.6 bcm of gas in reserve by the end of May. The former head of the Ukrainian gas transit operator, Serhiy Makogon, said last month that the country needed to import up to 6.3 billion cubic metres of gas for the 2025/26 winter season as reserves have fallen to a record low due to war-related damage to some facilities. He said Ukraine would need up to $3 billion for gas purchases. Ukraine's state oil and gas firm Naftogaz has said it was in talks with the government and international financial institutions to raise 1 billion euros ($1.1 billion) to purchase over 2 bcm of gas for the 2025/26 heating season. Naftogaz has said it also contracted 300 mcm of American LNG with deliveries from Poland's Orlen. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
14-05-2025
- Business
- Reuters
Ukraine gas reserves are at lowest level in 11 years, analyst ExPro says
KYIV, May 14 (Reuters) - Gas volumes in Ukrainian storage facilities are at the lowest level in at least 11 years, standing at 6 billion cubic metres (bcm) as of May 11, analytical company ExPro said on Wednesday. Ukraine has been forced to ramp up gas withdrawals from storage and increase imports this winter and spring after Russian missile attacks damaged production facilities in the east of the country. ExPro noted that storage facilities, whose capacity exceed 30 bcm, were less than 20% full, compared to 31.7% at the same date in 2024, when they held 8.8 bcm of gas. It said that since the beginning of the current injection season in mid-April, 610 million cubic meters of gas had been pumped into storage facilities, including 258 million in April. "Injection volumes in May 2025 are higher than in May last year. Overall, more than 350 million cubic metres of natural gas have been injected into storage facilities since the beginning of the month, 33% more than in the same period last year," ExPro said. The company forecast that Ukraine could have about 6.6 bcm of gas in reserve by the end of May. The former head of the Ukrainian gas transit operator, Serhiy Makogon, said last month that the country needed to import up to 6.3 billion cubic metres of gas for the 2025/26 winter season as reserves have fallen to a record low due to war-related damage to some facilities. He said Ukraine would need up to $3 billion for gas purchases. Ukraine's state oil and gas firm Naftogaz has said it was in talks with the government and international financial institutions to raise 1 billion euros ($1.1 billion) to purchase over 2 bcm of gas for the 2025/26 heating season. Naftogaz has said it also contracted 300 mcm of American LNG with deliveries from Poland's Orlen ( opens new tab.
The Age
02-05-2025
- Business
- The Age
The tables have turned, and Putin's country is now in dire trouble
The debt clock starts ticking from today, wiping the slate clean on the $US120 billion in total US aid since the war began, most of which was spent on production within the US or consisted of semi-obsolete inventory due to be scrapped. Neither side will have a controlling vote over the investment fund. The US pledges to help Ukraine mobilise capital via the Development Finance Corporation, the geopolitical arm of the US treasury and commerce departments. This opens the way for serious investment in the shale gas resources of the Yuzivska field. As I reported earlier this month, an internal study by Ukrainian experts concluded that the carbon ratio, porosity and thickness match the best US shale basins in the Marcellus and Permian. 'We could replace half the lost Russian gas exports to Europe,' said Andriy Kobolyev, ex-head of Ukraine's energy giant Naftogaz. If so, Russia can kiss goodbye to its European gas market forever. Ukrainian pipeline gas and US LNG will suffice. US Treasury secretary Scott Bessent told Putin the deal committed Washington to 'a peace process centred on a free, sovereign, and prosperous Ukraine'. One never knows quite whom to believe when the Trump administration speaks, but the Kremlin has clearly overplayed its hand, miscalculating how far it could push its maximalist demands and how long it could keep stringing along a prickly and impatient US president. Republican senator and Trump golf partner Lindsey Graham is going for the jugular. He may soon have a veto-proof 67 votes in the Senate for legislation that imposes 500 per cent punitive tariffs on any country that buys Russian energy or strategic minerals, if the Kremlin 'refuses to negotiate a peace agreement, violates a peace agreement or invades Ukraine again in the future'. Russia's 'hot Keynesian' war machine is now in the same state of exhaustion as the imperial German war machine in 1917. Germany had been able to preserve something close to a normal civilian economy over the early years of World War I but the Allied blockade, chronic shortages and a lack of manpower and money eventually forced the military to take over the whole productive apparatus. That too failed, and ultimately incubated Weimar hyperinflation. Russia has depleted the liquid and usable reserves of its rainy-day fund. Military spending almost certainly exceeds 10 per cent of GDP in one way or another and it is being funded off-books by coercing the banks into lending some $US250 billion to defence contractors, storing up a crisis for the banking system. Is that what Russian Finance Minister Anton Siluanov was referring to this week when he advised Russians to read Nikolai Gogol's Dead Souls and Anton Chekhov's Cherry Orchard, the first about fraudulent finance, the second about crippling debts? He has already introduced a string of new taxes this year. He is now drawing up fresh emergency measures. The trade-off between guns and butter can be postponed no longer. Serious austerity is coming for the first time since Putin launched his fateful misadventure. Russia is no longer the proverbial 'petrol station masquerading as a country' but it still relies on raw material exports to fund a quarter of the budget. Oil exports fund the war. Kirill Bakhtin, from BCS, says tighter US and British sanctions on Russia's shadow fleet – former US president Joe Biden's parting shot – have pushed the discount on Urals crude to around $US15. That lowers the de facto market value of Russian crude exports to $US45. Another big drop from here, which may well happen as Saudi Arabia keeps adding barrels to an oversupplied market, would make it extremely hard for Russia to keep prosecuting the war beyond the summer. The latest Russian offensive has largely petered out, at terrible human cost. Russia is not close to conquering the four oblasts it so presumptuously annexed. 'The movements on the map are tiny, and have nothing of strategic value. Ukraine is big enough to trade space for time,' said a Western military expert on the ground. Loading 'The Ukrainians can't take back lost territory, but they're not going to get rolled over either. This has come down to a war of economic attrition. It's what's happening in the Russian rear that decides this.' Trump may change his mind again. The mineral deal does not give Ukraine a bankable security guarantee. Europe is fractious and weary. But the balance of probability is that Vladimir Putin will now fail to turn Ukraine into a castrated vassal state along the lines of Belarus.
