In 2023, the management of Naftogaz Ukrainy NJSC is planning to implement an ambitious plan and avoid natural gas imports by ramping up domestic production in order to meet the country’s needs, even amid the Russian invasion.
The relevant statement was made by Naftogaz of Ukraine NJSC CEO Oleksiy Chernyshov in an interview with Bloomberg.
“The plan requires Naftogaz to raise output by 8% and private companies by 16% this year amid a fuel-export ban,” Chernyshov told.
In his words, it also envisages no territorial losses or destruction of gas extraction facilities, which could pose a risk to the endeavor.
At the moment, Ukraine’s economy is suffering from the war and continuous Russian attacks on the country’s civil infrastructure. According to Chernyshov, the damage caused to Ukraine’s oil and has facilities has already been estimated at about $1 billion.
“An increase in domestic production is our strategic goal and we must deal with that ourselves. It’s not just a business issue – it’s an issue of the survival and independence of Ukraine,” Chernyshov stressed.
The International Monetary Fund (IMF) estimated at the end of 2022 that Ukraine would need to buy 5 billion cubic meters of gas in 2023. Naftogaz expected the same under its worst-case scenario, Chernyshov noted. (Ukrinform/Business World Magazine)