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Naftogaz ends summer with 14 billion cubic meters of gas reserves ahead of heating season

by The Kyiv Independent news desk and Dominic Culverwell August 28, 2023 10:45 AM 1 min read
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Naftogaz, Ukraine’s state-owned oil and gas giant, has accumulated the 14 billion cubic meters (bcm) of gas reserves needed by the end of summer, Naftogaz CEO Oleksiy Chernyshov told the Kyiv Independent in an interview published on Aug. 28.  

“We have 14 bcm,” Chernyshov said. “With such a volume we can even step into winter.” According to the CEO, the company is on its way to far surpass the 14.7 bcm target for the start of November.

The result is well ahead of last year when Naftogaz only hit 14 bcm in early October. But keeping the country warm in winter will be a difficult task, particularly in the face of relentless Russian aggression.

Since January, the company has launched 54 new and refurbished gas wells across the country, providing an additional 5 million cubic meters (mcm) per day— the highest drilling pace in 15 years, all without asking the government for any financial support, according to Chernyshov.

Russia’s full-scale invasion has caused millions in damages to the company’s facilities, the CEO said. Last fall and winter, Russian missile and drone attacks targeting Ukraine's energy system devastated energy infrastructure, causing blackouts across the country.

Naftogaz CEO: Ukraine hits autumn gas storage target ahead of upcoming heating season
With the cold season just around the corner, the race is on to prepare Ukraine for another winter of discontent after a series of Russian attacks devastated the country’s energy system last winter. Naftogaz, Ukraine’s state-owned oil and gas giant, has successfully overcome the first hurdle by accu…

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