Naftogaz invites foreign oil companies to participate in gas production in Ukraine; the first contract is close to being signed.

The Ukrainian company is negotiating with ExxonMobil, Chevron, and Halliburton regarding their potential participation in Ukrainian gas production, said Naftogaz chairman Oleksiy Chernyshov.

The company hopes to sign a contract with Halliburton soon, increasing gas production to the target level of 13.5 billion cubic meters, a billion more than in 2022. To accomplish this, Halliburton will need to expand their services and technological systems. “We want them to expand their presence dramatically,” Chernyshov clarified.

As the FT notes, Halliburton has a history of being risk-tolerant. It was one of the first foreign companies to enter Iraq after the American invasion in 2003.

Unlike Halliburton, negotiations with ExxonMobil and Chevron, which do not have a presence in Ukraine, are at an early stage.