Latest news with #SerhiyMakogon
Reuters
5 days ago
- 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.
Reuters
20-04-2025
- Business
- Reuters
Ukraine may need to import 6.3 bcm of gas for next winter as reserves hit record low
KYIV, April 20 (Reuters) - Ukraine may need to import up to 6.3 billion cubic metres (bcm) of gas for the 2025/26 winter season as reserves have fallen to a record low due to war-related damage to some facilities, the former head of its gas transit operator said on Sunday. 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, Serhiy Makogon said on Telegram messenger. Quoting data from Gas Infrastructure Europe (GIE), he said that the storage level was "the lowest ever" at 0.7 bcm - 2.22% of full storage capacity - as of April 16, the end of the winter and spring season. Makogon said the country would need to collect at least 12.8 bcm of gas in reserve, including 4.6 bcm of process - or buffer - gas that is needed to ensure sufficient pressure in storage facilities. "According to my calculations, given the volume of domestic production, this will require imports of at least 5.5 bcm of gas, preferably 6.3 bcm," Makogon said. He noted that Ukraine's state oil and gas firm Naftogaz had announced the required volume of imports at a lower level of 4.6 bcm. Makogon said that even this amount would cost the country up to $3 billion, although existing available funds were enough to purchase only 0.4 bcm. Naftogaz and the government would need to find significant funds to bridge the gap, he said. There was guaranteed capacity to pump gas into storage of about 1.5 bcm per month and the country needs up to four months of imports at full capacity to meet that target, he added. In March, the then head of the transit operator, Dmytro Lyppa, told Reuters that Ukraine needed to import at least 4 bcm of gas for the new heating season, and half of the volume could be liquefied gas, LNG.
