A British oil and gas company will invest in Ukraine’s energy industry, and 10 MW of projects have already been approved.

British oil and gas company Cadogan Petroleum plc, which has assets in western Ukraine, announced its intention to accelerate the diversification of its business and move into electricity production. The company plans to invest in new electricity generation projects in Ukraine with a total capacity of around 10 MW. Commissioning of the facilities is planned for the fourth quarter of 2025.

One of the key projects is electricity production from associated petroleum gas at the Blazhivske field in the Lviv region, which will be launched in the first quarter of 2025.

In the first half of 2024, Cadogan significantly increased its operating performance. Oil production increased to 370 barrels per day, which is 25% more compared to the same period last year. This is the largest amount in the company’s entire history. The company’s revenue increased to $4.965M (+65%).

The company owns a license for exploration and production at the Blazhivske field, valid until 2039. It also engages in gas trading and provides services in exploration and production.